Wednesday, April 30, 2008

Long Oil

I missed that one, but Pat asked for a trade setup and this was a real fine one:Globetrader_04

CL dropping fast into yesterdays low (see the yl label). A drop of 100 ticks just begs for a retracement, so take a look at the 10 tick and wait for a long signal. I marked it with the circle. oil was not able to take out the previous low, so you have a double bottom and go long 115 or a few ticks below. Then just let it run. You might adjust the Stop to 115.01 when 115.15 is passed.

1 comment:

FX said...

Nice detailed example. Thanks