USO 1yr 2hr wedge range bound continues
Updated
Looks like we can take another stab at the range bound wedge run.
It is getting fairly tight - faked out once so far to the downside. Lots of volume on here and usoil futures, could be indicative of a bottom for the down trend, not going to look too deep into it since we know how many bs contracts are open.
Possibility of a rough head + shoulders which would confirm the range bound price action. Setting up a position short here earlier than shown ~10.93 then will add on as shown in the chart.
It is getting fairly tight - faked out once so far to the downside. Lots of volume on here and usoil futures, could be indicative of a bottom for the down trend, not going to look too deep into it since we know how many bs contracts are open.
Possibility of a rough head + shoulders which would confirm the range bound price action. Setting up a position short here earlier than shown ~10.93 then will add on as shown in the chart.
Trade active
11.30 short position SL @ ~11.60Comment
I really want to hold past fed day - still on the fence to stopping outComment
Still holding thisTrade closed: target reached
Back at the bottom of the wedge. Most efficient way to play it now is to sell puts to get called into a long position if it breaks out down.Related publications
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