Yesterday I posted 1 2 3 4 5 6 updates including starting a USO Equity model portfolio short position that is so far in the green and has room to add to, which while I'd like to see the market crack to the downside and get on with it, I'd also like to add to that USO position and fill it out on some price strength/underlying trade weakness.
Here's USO today...
Intraday, as usual traders placed stops at intraday support and a penny or two below, they were stopped out (or there could be some short orders triggered, but I'd bet most of those are stops). This is why I harp on not putting stops at obvious places-you'd think traders would have learned by now! Also I prefer to keep stops mental rather than show the entire trading world where my "Uncle" point is, the bigger your position the more important this concept.
1 min USO and one of the reasons for starting a short equity USO position yesterday.
2 min has added to the leading negative today
So has the 3 min
As well as the 5 min at a local new low.
I wouldn't have entered an equity short in USO based on the charts above alone without a 15 min chart like this.
The 15 min adding to the leading negative today
And the hourly as part of the bigger picture, why I'd like to add to the short and fill it out...
For risk purposes, USO isn't in any different position today than it was yesterday.
Is interest rates about to start going up?
-
Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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