Following up on the post from January 21, my stop survived the drop of January 22.
USO has quickly retraced 38% of the drop from January 6. I thought some profit taking might be in order.
If what is unfolding is a 5-wave move, then top of the wave marked i should hold, and that’s a tentative stop area for now.These fast moves of schizophrenic masses in and out of issues like oil can offer opportunities for gain as well as loss. An aptitude towards calculated risk is essential, and discipline is the only lifeline.
Posts
4 comments:
Hello Piazzi,
Just discovered your blog. Very interesting technical analysis and straight to the point. Thanks for your work.
To get back to your comment that a 5 wave move is potentially unfolding...what do you think about last Friday session when USO price was unchanged at 29.22?
Thanks again and good continuation.
Cheers from Switzerland.
Nicolas
Hi Nicolas,
sorry, I missed the comment,
I would not really think anything special of it when price is unchanged from a day to another.
it happened after that 5 wave move that I was looking for (the 5th wave completed on Jan 26.
If time permits, I will do a post on USO since I think there is a trade opportunity there
Thanks for your answer, I had sold most of my positions on the 26th but I re-bought too early...seems like a last bounce should come soon though, therefore I will not sell too early and see what happens in the next 1-2 weeks.
Regards,
Nicolas
Good Luck!
Post a Comment