USO (daily) (single ZZ towards ATH...3/22/23)this count gives us the possiblity that a single zig zag towards ATH round the end of March 23'
USO trade ideas
Watch for Reversal in $USO /CLMy dowsing has today (11/18) as a date for USO, /CL. It's pushed into my first target and when I get a combo of dates with a price target, there's HIGH ODDAS a significant retracement occurs.
Today was expecting to be down 4.5%, but I get to be short all day is profitable.
On the upside I get there is a 6 point move on the table. I may buy calls today or Monday. Dowsing says there is a long entry close.
USO to 89 in timemultiple harmonic patterns inside of each other that provide the structure for upside
indicators bullish with room to run
momentum clearly shifting here on oil
democrats getting voted out next week
liquidity grab from yesterdays biden announcement (you panic sell - they fill their orders and fill them cheap )
trendline breakouts etc
add on pullbacks
t1 2.4 reward/risk
83 / stop at 69
t2 3.75 reward/risk
89 / stop at 69
tracking recent trades
1-0 / +1.6% / SPY
will update this post when i exit this position
USO to 50 - USOILHead and shoulders on USO (proxy for USOIL) says 50 is the target. After creating a strong head and shoulders pattern, we came back slightly above the neckline - typical overshoot. Now we're making our way down again. Bounce in oil is likely over. This idea is incorrect if we get over 81.
Head & Shoulders top on USO/SPX?The Covid Crash was like a reset on all assets and ever since, AMEX:USO has been outperforming the SP:SPX .
The ratio peaked on mid-June and it looks like is actullay forming a head & shoulders top.
This is bullish for stocks as I think the indexes already bottomed (in mid-June). But remeber, is not confirmed until the breakout on the neckline happens.
Breakdown in oil Short term breakdown in oil is almost here, this will reverse and turn to the upside sitting at $150-$200 per barrel. Yikes get ready in a couple months.
USO - Crude Oil weakness. Seasonal playSeasonal favors downside in crude oil. Market presented a new setup.
IQ has always and will always, get all the praise; but discipline gets the job done ~Mark Ritchie
Lose like a pro and keep trading, or lose like a novice and quit ~Mark Ritchie
Long Oil ($USO) - Macro and Technical ConfluenceI long'd $USO at $71.70 after it held support with a nice liquidation grab just below the 50DMA. Heading into the winter with ongoing war in Ukraine and severe global energy supply shortage plus logistics issues, now technical confluence on the charts. I'm expecting it to test the $120 resistance again at least, if not blast through to $200+.
Short 10 year - Long Oil Another interesting one - oil breaking the correlation with 10YR , trade bets on the convergence of the spread but offers as well protection against geo political turmoil (oil up , 10 year a safe heaven) and exposure to a market pivot thesis as the long term narrative should adjust faster than the short term (oil). Inflation narratives that can be perceived a risk for long term growth can further open the spread which is the risk to this trade. Correlated with a long equity position -
Crude oil making another push against resistanceUSO (largest crude oil ETF) has been in a wide trading range for the past 2 months between 71 and 79.
It's failed at all previous breakout attempts, but the more it tries and the longer this range carries on, the more likely the breakout becomes. No trade yet, but we're watching this zone to see if we can finally get some price expansion and volume on a move over 79.
decision time for OILOil has run into overhead resistance at the 50 DSMA after an impressive 5 day run off the most recent lows. Does it now cower in the wake of a hawkish Powell at Jackson Hole later this week, or does it say Come and Get Me, Big Guy?!
USO is done. Peak Inflation and Recession will close it.CPI data tomorrow will crash Crude tomorrow and keep it going on a downward spiral.
Money is the root of all evil. Oil is the root of all inflation.$USO nice bounce of the 150-day and breakout through the first Fib retracement level on the daily. Looking for positive momentum over the next few weeks. This will kill the #bearmarketrally soon enough. Powell chickened out with 75 bps.
Is #USO Breaking Out?Is #USO Breaking Out?
# Crude #oil extended last weeks Friday’s positive close in trading on Monday as U.S. President Joe Biden’s visit to Saudi Arabia failed to deliver anything concrete. The trip was aimed at coaxing the Saudi’s to increase oil production thus easing inflation pressures. The response from the Saudi’s and other key officials reiterated the fact that production scheduling and/or increases remain with the OPEC+ consortium leaving President Biden without a deal.
Sorry #JoeBiden
A bullish scenario for US Oill (6 Month View)Oil prices rose by 2% early on Friday, with Brent rebounding to above $100 per barrel at the end of a very volatile week, amid reports that President Joe Biden’s visit to Saudi Arabia today will not result in a public announcement of an imminent production increase.
USO ShortWeekly uptrend, Counter trend trade
In Supply Zone, Trendline break
Short 88
Stop 93
Target 72, 59
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk of each short term trade should be less than 1% of an account.
USO - Are we Headed for Inflation Relief?This is an important level to closely monitor.
This chart is pretty self explanatory..... Will history repeat itself?
USO Strong buy. Long call 200 optionsIf I were still trading, which I am not. I would invest in long 200 call options on USO. I am considering opening an options account and investing in long call options with a strike of 200. I would use the price of the long call as my maximum lose tolerance level. Meaning, If my max risk per trade was $150, I would buy (long) a 200 strike price that would only cost me $150; if I am wrong, I lose my max risk tolerance of $150. If I am right, I get exponential profit potential.
Stop putting all of your money into buying and holding. Select entry points, max risk tolerance and strategic entry intervals. Long USO seems great right now. If I am wrong, which can and will happen, the max risk will be automatically handled in a long option position. Learn option trading and stop giving greedy assholes your money.
Check out the Cash in/Cash out Report a free open source indicator on Tradingview.com. Here is the indicator If you have question on how to use and setup the indicator, please let me know. If the indicator gets 1,000 likes I will turn it into a free iOS and Android app. Let me know if it saves or makes you money!!
USO trend support finally breaking? 🥶on the verge of breaking trend support and resistance is failing to act as support now which is bearish.
I am expecting a quick move down to 75.9-67.75-59.6
like and follow for more! thanks :)
Updated monthly for USO using the Cash In/Cash out ReportThis is the monthly USO chart with the Cash in/Cash out Report applied. The Cash in/Cash out report is a free and open source indicator here on TradingView. However, since Tradingview won't allow me to give a direct link to a free product on their own site, you will need to understand how to add an indicator to your chart. Please post comments if you want help installing the free open source indicator to your charts. The Cash in/Cash our Report is set to three. We are seeing three months of rolling cash into and out of the market. The green bubble forming is the rolling sum of the period set by the user, three months in this case. The individual bars are the months. USO looks like a strong buy right now. However, I am much better at identifying short positions. What do you think, are you long or short USO?
If the Cash in/Cash out report gets 1000 likes, it will become a free Android and iOS app. If you make or save money using the Cash in/Cash out report, give it a like!
USO: Rubber BallLike a rubber ball, USO has bounced off the green zone between $77.92 and $79.69 twice and finished wave 5 in green. We now expect it to jump a bit higher still to finish wave ii in orange before dropping down until the support line at $67.68. There, it should rebound to complete wave iv in orange and resume the overarching downward movement afterwards, which should lead into the turquoise zone between $60.18 and $43.48. There is a 30% chance, though, that USO could jump above the resistance at $87.83, thus continuing the ascent instead.
USO daily frame one count as a possible wave 5 sequence complete
do you know the human head weights 8 pounds?
