Short position on USO @ 9.4850Shorting USO with an Stop Loss really close.... The downside seems more profitable at these level....
USO trade ideas
AB=CD Pattern on USOUSO making quite a nice AB=CD pattern. Maybe a retracement to 9.15 at 0.618 Fibo's level.
USO - It may due for a bounce!Crude is flushed again. Everybody is bearish and short the crude.
I prefer to stand on the other side of the trade.
USO COVERED CALL IDEAHaving waited a long time for West Texas Intermediate to hit 2009 levels, I figured I'd put my money where my mouth was and go long USO when it did.
I filled this one earlier today:
Bought 100 Shares USO @ 10.05
Sold 1 Feb 19th 11 Call
Total Package: 9.69 debit
Max Profit: $131 (if called away at 11)
You could probably get a slightly better fill than I did, as USO ended the day at 9.90 ... .
Looks like a good buying opportunity.Reached lower trend line. We also have a reversal pattern candle stick today.
USO SHORTUSO shifted this morning and is more
bearish again. My entry would be 1 tick
below todays low
oilers are mostly not in favor
This oil fund is dying and trying to get momentum on the daily chart here. Back in August it tried to be somebody but, it held until November 12th of this year. Tried to recover and puked again I believe that this oil fund is soaking up the oilers for an example: Cabot oil and gas $COG, Conoco Phillips $Cop, Hess Corporation $HES, and Diamondback Energy INC, $FANG and more like this. SPDR S&P Oil and Gas Exploration and Production $XOP tells a different story far as price goes. Been in this range since the last day of November of last year. Today has been questionable for SPDR S&P Oil and Gas Exploration and Production $XOP should I rally or puke? We had noted Carrizo Oil and Gas $CRZO was trying to go revstrat and go back up on the day, it’s a inside week along with Chevron corporation , Valero Energy, and most of oilers are inside week also.
$USO Falling Wedge with Bullish Divergence60 minute chart of $USO shows a falling wedge formation with bullish divergence.
Watching for a break higher.
USO is this a turning pointIs this the turning point for oil... not sure.. It's got to be sometime..
LONG USOtechnically oversold
weather in US in the upcoming weekend will help
Decision: Long
Stop Loss: 10.95
Oil fund What’s this setting up for ? Is test the support four days and failed, will this expand to the downside, support at $10.89 can this hold? If $USO doesn’t get upside
Andrews 0 to 3 line with a ( well oiled:) timing technique!Hello all,
Oil has been pushing lower with some nice tradeable swings...I am looking for a reaction here after a 7 out of 8 (TD) day sell - off. I have an interesting timing technique integrated with both the downward grey modified schiff pitchfork and an upward white 0 to 3 Centreline technique that I sometimes use to pick up the slope of the counter trend move and at least 1 ( sometimes both ) low & high pivots before a continuation of the downward push.
Note the Timing Technique: If you follow the color coded (a,b & c lower to a,b &c upper) letters & arrows you will see the colored triangles terminating @ the horizontal grey dashed line @ 16.15 have already picked up 2 out of 2 Low pivots of these counter trend moves. Will it be 3 out of 3??.
Let's see how things unfold.
Sincerely,
Ross B
USOLooks like a Butterfly. Price has be responsive to bands recently, so I do wonder if we'll flag for a few days before continuing upwards.
USOThe Gartley has a tight PRZ and the SHARK posted earlier has not met upside. Tricky here. If this area is lost look for MA support, then Crab. However, that SHARK may still want to fulfill.
Reducing risk buying into oil through derivativesWell as some have known, I've been salivating of the thought of getting ready to buy into crude oil once again (Last time I ever even thought of that during the early stages of summer 2014 Lol). Derivatives have notoriously had a bad reputation throughout many educational venues, and rightly so. In my belief, they play a crucial role in the reduction of std. deviation within an investment portfolio. Enough preaching though, well here is the trade I'm looking to take, clearly we can see that price is testing a resistance level around the $20.00 area, so an area where I will be looking to enter the position is on a retracement to the Daily 50 Moving Average support, and at the $16.20 area. Along with these positions I will be examining the options (derivative contracts) on the ETF. The position I'm looking to write covered calls at a higher strike to offset price risk I will be subject to in the near term.
Note: Yes there is talk over whether USO or UPL is better to buy, due to contango / backwardation, etc. But for me personally USO is the better buy due to the fact that the near / medium term forward contracts curve is steadily rising, leaving behind the state of backwardation that saw USO lose more value on a percentage basis then UPL. Roughly 12%-14% rise in the curve from this years May 15 Exp. to Feb17 2016 Exp. And with USO selling / purchasing near term contracts, it makes more sense for me to enter a fund rolling over on the month end contracts vs one purchasing contracts farther our in the curve. Once we reach farther our on the curve, I will examine which fund is a better investment. But other than that I'm confidently bullish on oil due to many fundamental factors (To many to write down).
Cheers =)
Disclaimer: I do not feel comfortable calling out trades that I will be taking through derivatives due to their level of risk. If you don't have a good understanding of them I suggest you grab yourself some heavy reading and study hard, and test them out in a demo account before going live with them.
