Jump to content



Photo

USO


  • Please log in to reply
12 replies to this topic

#1 hiker

hiker

    independent trader

  • TT Member*
  • 12,117 posts

Posted 01 November 2006 - 11:48 AM

Posted Image

11/1 intraday

bearish configuration of the moving averages continues as the price decline is sustained

note the above average volume candles this week

rallies to the 21-day ema have been sold so far

Posted Image

#2 SilentOne

SilentOne

    Member

  • Traders-Talk User
  • 3,452 posts

Posted 03 November 2006 - 10:56 AM

Nibble here or will it just dribble lower? I bought a little USO today. It looks like an ending diagonal forming here in the last month. I'll look for a "B" wave up here to retrace the WTIC decline from $80. cheers, john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain

#3 PorkLoin

PorkLoin

    Member

  • TT Member*
  • 2,194 posts

Posted 03 November 2006 - 02:50 PM

John, I think that's a good play. Agreed on the "diagonal" feeling, and the decline from the high does look impulsive, i.e. further decline in a larger corrective movement is expected later. I guess one could also count the whole move down from the all time high as a "C" with A and B having come earlier, originating at the prior top in April, but either way some sort of move up would look good. Doug

#4 hiker

hiker

    independent trader

  • TT Member*
  • 12,117 posts

Posted 06 November 2006 - 05:16 PM

11/6

today's high is marked

closed today one cent above the 20-day ema, which has represented resistance since early August


Posted Image

#5 SilentOne

SilentOne

    Member

  • Traders-Talk User
  • 3,452 posts

Posted 07 November 2006 - 03:54 PM

Doubled my USO position on today's close here at $52.55. Oil is getting set for a move here and I assume it will a change of trend to be confirmed shortly. cheers, john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain

#6 hiker

hiker

    independent trader

  • TT Member*
  • 12,117 posts

Posted 07 November 2006 - 04:08 PM

thanks for the update, John. I am still flat USO.

#7 SilentOne

SilentOne

    Member

  • Traders-Talk User
  • 3,452 posts

Posted 09 November 2006 - 05:56 PM

hiker, USO broke up out of the wedge today. :D cheers, john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain

#8 colours

colours

    Member

  • Traders-Talk User
  • 427 posts

Posted 09 November 2006 - 08:54 PM

How is the liquidity on USO ? Can you get out of a position with ease?

#9 SilentOne

SilentOne

    Member

  • Traders-Talk User
  • 3,452 posts

Posted 10 November 2006 - 04:32 AM

colours, The ETF traded on average + 2 million units the last 10 days. How much do you want to buy?? I don't think my 4000 units will sway the market that much. :D The chart swung to a buy on the daily. cheers, john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain

#10 Sentient Being

Sentient Being

    Member

  • Traders-Talk User
  • 4,262 posts

Posted 11 November 2006 - 10:58 AM

Nice conversation guys. I'm thinking about treating USO as if the bottom is in and either an ABC or a 1-5 is underway to the upside. Chase it down toward that 10-31 bottom with a buy stop just above each prior days high. If 10-31 breaks I'll back off. If a buy stop hits, slip in my own stop loss and hope there is more upside to come. Maybe a cold winter, on-going opec cuts, etc will push it up a bit.
In the end we retain from our studies only that which we practically apply.

~ Johann Wolfgang Von Goethe ~