TSO Trade Set-up Update

TSO was added as a possible trade, we were looking for a few things to happen as the triangle it is in matured and approached the apex, here's the initial post/idea from last Thursday.

So far TSO has made the first move we expected or were looking for to set up this trade which is one that comes to us on our terms, if it doesn't look right, nothing lost.

Here's the update so far as it seems to look exactly as we suspected it would. We still do need some stronger confirmation though given it's so early.

 This is the daily TSO chart, this is a real H&S top with a volatility shakeout of the shorts to the right and then a sym. triangle,  The trade idea is to look for a head fake move on the downside of the sym triangle and establish a long, if it gives us the confirmation needed. This should create a quick upside move which we'd have to keep an eye on as eventually it should fail and the H&S will be back in play which opens up a second and larger trade (short), but 1 step at a time.

 This is a 60 min chart of the triangle and the move below the triangle that we were expecting, now that move below needs to be verified as neither being accumulated in which case we have a long trade or something else in which case we may have a short trade, but I'd expect the long trade first and because of the head fake and so tight in the apex of the triangle, it should create a nice momentum trade.

 This is a closer look at the initial move below the triangle, we'd likely still need to see some sort of reversal process, probably tighter than normal.

The 5 min chart and others are what suggested this turn out to be a head fake long last week.

Thus far the intraday 1 min chart is confirming so we have a good start, we just need to see some of that reversal process as well as continued positive, confirming signals.