I opened a call position in XOM last week, November $85's that are still doing ok at a -10% loss which isn't bad for calls from last week. I thought of adding to the position as I entered at $2.44 and they're around $2.19 now, but for the room I have left, adding doesn't make much sense, however you may like the position which is for a short term position only.
We've had good experiences thus far trading XOM, the last call position was set up at the white "C". you can see previous gains from calls and a core short that was covered for the time.
I went over XOM here...
This is what XOM looks like now...
The 2 hour chart showing XOM from a core short to covering the short on some accumulation and opening a call the same day as I expected a counter trend bounce, it looks even stronger now, but
ultimately I'm really looking forward to adding XOM back to the core short line-up, I just think that will be at higher prices.
1 min chart positive
3 min positive & the 5 min is starting to go positive as well.
Even though it needs an intraday reversal process, that process doesn't need to be very long, it can easily complete today in the next hour.
The XOM 30 min chart shows a range, a leading positive divegrence in that range so as I mentioned earlier with another asset, this is like an explosive upside move just waiting to be unlocked and the key is the intraday charts in the 1-5 min range.
If there's an extremely low entry and extremely strong 1-5 min charts, I may add to XOM, but in general I have very little problem with starting a speculative trading position, but in my view it needs leverage.
ERX is an ETF that would be similar, Energy with 3x long leverage, I do however like the XOM charts a bit better.
No comments:
Post a Comment