Long Oil (Contrarian trade on Weekly Oversold, good Risk/Reward)
Notes on chart. I'm posting it again to get the trade more clear with stops/targets. Will play with USO since don't have a futs account.
I'll go there in 2 tranches:
1. Immediate: Buying at WTI 44, target 50.75, stop 40.01 (def won't risk losing 40-handle on WTI - LOTS of negative momo are still around).
2. Contigent: Buying at spot if, at the end of August 10th, SPY closes green, TLT crosses red (failure to cross the 200-day MA), DXY closes red. Target WTI 54.75, stop 40.01.
I'll go there in 2 tranches:
1. Immediate: Buying at WTI 44, target 50.75, stop 40.01 (def won't risk losing 40-handle on WTI - LOTS of negative momo are still around).
2. Contigent: Buying at spot if, at the end of August 10th, SPY closes green, TLT crosses red (failure to cross the 200-day MA), DXY closes red. Target WTI 54.75, stop 40.01.
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