USO trade ideas
USO: Weekly Call Spread 10 AugUSO signaling consolidation on the MACD. RSI remains flat, in the mid to upper 50’s, for the past couple trading days. Price action using the 9SMA as resistance and nothing foreseen this week to cause a spike. Sold a 5DTE 31/32 Call Spread for a quick weekly trade. As always, looking 50% profit to close trade. AMEX:USO
USO choppy Don't like the look of USO. Still think its in a running flat correction but possibility its some kind of ending or leading diagonal.
USO Long entry testNice squeeze.
Breakout candle.
Yellow to green.
Lets see if this works out.
SEP18 $30 Strike Call contract currently valued at $1.57
USO - finally some movementBeen awhile since USO has done much. Think it has started toward bottom in wave C.
Which Way Does Oil Want To Breakout, Down or Up?Since collapse we have had a good recovery with a very strong impulse and the 3 day continues to shoot green.
Now we are zoomed in on 12 hour timeframe. After the strong impulse, price action has started to range into something similar to an ascending wedge creating a test at the recent top with a tight price consolidation.
These are the perfect kinds of moves you want to play. What we will look for next is to play a breakout either way out of the current compression point. Big volume should attack on the breakout.
$30 high / $29 low. Currently in mid range. Let it lead into a transition on the daily candle to shift the indicators.
Good luck.
United States OilFUNDAMENTALS:
Ever since the reverse stock split back in April of this year, this chart has become problematic in future price discovery. I have no skin in this, but I want to take on the oil markets as a challenge to myself to focus in on the global markets, and how political shenanigans play a factor in the price of oil. Just keep in mind what drove the prices of oil down this year, and think about the coming presidential election. That will be your unknown variable to the fundamentals in the price.
TECHNICAL ANALYSIS:
I have chosen the daily time frame for this chart since it has done the reverse stock split that has complicated the price ranges. I have found that the price is possibly forming an ASCENDING TRIANGLE or a PENNANT. This pattern I have outlined in white lines. There WILL be a breakout of this pattern in the coming days or weeks. A break below will happen based on the fundamentals of the global economic, and the fear virus.
A break above this pattern will allow the price push higher and retest the orange lines.
Remember, I am not your financial advisor, and I am not legally qualified to give advice or tell you what to do with your money. Do your own research.
Short to 26.76This came to my attention in a significant way. I expect a swift move down to the 26.76 area for tomorrow (Fri).
This is based on my dowsing/divination methods. Wish I could've gotten this out earlier, but it just came up.
$USO broke the short term resistance levelThough I don't share comments on USO oil trades we finally broke a resistance level set at 30.21.
Looking now to see what the next few weeks brings for $33 a share.
$USO ETF Ascending Triangle Pattern$USO (United States Oil ETF) is currently in a Ascending Triangle Pattern and is near a breakout/breakdown point.
Upside Breakout Target: $33 to $34.
Downside Breakdown Target: $24.50 to $23.50.
Large Volume is needed to confirm the breakout or breakdown.
$USO Pulls Back on Covid Surge, but this ain't AprilUSO is likely now subject to "fast-money shorting" as a widespread factor in the action. We all saw oil was the hardest hit by the first wave of lockdowns, going to -$40/bbl into May expirations.
But the USO etf restructured to reduce impact on the curve, allowing delivery, and a ton of wells shuttered. Add to that the fact that we probably aren't going to shut back down across the country.
This could be building into a pullback long opp on any further serious cuts.
Oil looking like a pullbackCertainly with the fall two days ago a bounce could be expected but now a declining wedge appears to be forming. I have had to extrapolate the lower resistance but that's essentially what it will probably look like.
🤔 Keep An Eye On Oil. (USO)💰 LET'S GET INTO SOME OIL ANALYSIS!💰
1️⃣ First off SMASH that LIKE BUTTON & Give us a FOLLOW for DAILY ANALYSIS! ❤❤❤
(Overall Market Sentiment) 🐻 Bearish
- 3day Chart
- Doji Compression
- 3/3 EMA DOTS Red
Potential double top as oil takes a 5% hit today. Take entry based off indicators and add the breakout on the range drawn for extra confirmation on trend.
Best of luck to you and all of your trades this week! 🤜
Drop your charts and comments down below, share with us what you think is going on in the markets! ❤❤❤
Thanks for checking out our analysis! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
USO on an upward trend?Thought USO might pull back end of last week but trended upwards. Looking at it now might be on track for some solid gains. let me know what yall think and your suggestions.
USO heading higher3 day chart shows USO in ABC correction with second wave heading higher afterwards, which RSI would seem to confirm. Target 20EMA.
$USO ETF (OIL) - Trend Strength Test$USO ETF (OIL) price action has set a temporary Support level in the 25.83 to 25.97 range.
A test of Resistance above in the 27.21 to 28 range is possible. USO has been in an uptrend for the past month.
Resistances: 26.82 and 27.21 and 28.
Supports: 25.96 and 25.83 and 25.
🥇 How We Use Our Strategy With Split Times. (Trading Strategy)👋 Hello, I hope everybody is having an awesome week with their trades! 😁
We here at MLT | MAJOR LEAGUE TRADER want to walk you through our time split system with the crossover strategy and the ema dots indicators. Let's take a look...
So what we will be using in this example today is USO (United States Oil Fund)
Top chart (12 Hour Timeframe)
Bottom chart (1 Day Timeframe)
All markets have trends and at the end of the day your job as a trader is to play the accumulation or the distribution zones aka turning points in the markets to ride the next trend. We use this color coordinated system to help identify when a turning point is taking place in whatever market it is that you're trading. You can apply this method to any chart timeframe. If you want to scalp the 30 min, then you would have a 30 min chart and a 15 min chart. Split the gimeframe that you are focused on playing. We use the split time for an earlier confirmation play to lead into a larger timeframe to secure that early entry for the bigger swing to confirm and play out. We also will use the split time to exit the trade when we get the sell confirmation. (Long / Short | Buy / Sell)
Now let's talk about the process...
Green represents an uptrend.
Red represents a downtrend.
When the 12 hour timeframe on top closes we will get either a green or red candle / ema dot close.
Same with the daily chart on the bottom.
Simple...
So what we look for is the early entry on the 12 hour. We want the candle to turn green, preferably a doji. (Candle that looks like a plus sign, tight price compression)
We want it to close green candle and all 3 dots below to align green with the close. If only 2 dots out of the 3 are green we do not enter! Same concept for red.
We will get the signal for a buy on the 12 hour before we do on the daily meaning that we will secure a better entry price vs just using the daily by itself.
Once you get confirmation on the 12 hour we hold that position and set a tight stoploss in case if it was to sell off. Once you take the buy you place your stoploss, diversify your funds and let it play out. If you get stopped out than you get stopped out. Take the trade and let it play out. As the 12 hour begins to close every 12 hours you will either see it start to form bigger green engulfing candles which shows buyers are pushing up the price, which is a good sign for your buy or you will start to see it shift towards going red which would obviously represent a sale or a short position.
Your job is to play the turning points in the markets and play that turning point range till you capture the next move. Markets go up and down, they don't stay sideways forever. Risk a little on stoploss in the range play and ride the next long term move. Trading is a game of probability and risk management. Even if you don't understand structure, support and Resistance or all the more advanced tools of the trade this will help make it easier on you to understand as a trader. SIMPLE IS BETTER! 👍
I have drawn vertical lines to represent where the buys and sells all lined up from the candles to the dots. Those are your opportunities to enter on the 12 hour.
Now if you look below you see that the daily actually stayed green from the very start of the first trade taken at the bottom of the trend on the 12 hour. The dots on the daily never closed red until the very top of the trend where we finally got all red to line up. That's another option to consider. You can use the split time to take more opportunities and trades for potential of trend changes. Or you can buy the first line up on the 12 hour and hold it till the daily is actually aligned red for a much larger swing trade position. If you did the second option you would of generated around 50% in gains from just one trade!
I hope this helps anybody that is struggling with trading and wants to learn how to get early trend confirmation on a specific timeframe that you want to trade. Swing trade or day trade any market with this strategy!
You can message me if you have any questions that you would like to ask. Please don't forget to smash that like button! ✌😁✌
Have a great day, Take Care! 🍻🍻🍻
🥇MLT | MAJOR LEAGUE TRADER
