Opened right above the 50% retracement of the previous day and continued higher all day:
Last nights post:
USO had two large momentum days in the past 3 sessions (the 2x-bar concept). Looking for the 50% Fib. retracement to act as a pivot we can measure Thursday's momentum range from the High to Low ($40.54) and Open to Close ($40.66) and see how that range acts as Support/Resistance.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.