This position turned out pretty well and I expect it will continue to move higher, but I want to take early momentum before it fades as I'd rather take the gains and re-enter the position if possible at a better price point.
Here's the P/L and then the charts.
+38% or about a $3500 gain
A falling dollar should send USO higher and I do expect the $USD to fall, it's just whether I can get a better entry or not which I suspect I can if we chop sideways or pullback. Futures were part of the analysis as well.
The 3 min chart, among others suggests USO moves higher over the next (week or so I'm guessing) , however again we have an intraday negative and with a 1 and 3 min that usually means at least an intraday pullback, there's no sense in letting those profits slip away waiting when the position can be re-opened likely at a better price point.
Crude Futures (Brent) 5 min looks like a pullback or congestion as well
The 15 min CL suggests the same.
The 30 min looks strong for a continued trend.
Not much moves straight up or down, there are pullbacks/corrections/consolidations/head fake moves, etc.
It seemed appropriate to continue with the "Hit and run" option positioning that has been so effective since we returned to that.
I'll be looking for a new entry, I will also note that the 30 min chart above would suggest that an equally strong move is coming in the averages, which just so happen to be positive as we already know on the same timeframe.
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