06Feb12:40 pmEST

Going for a Scalp with the Oil Cowboys; Chess Moves

cowboys-indians-chess-set-ind-zm In what may turn out to be merely a day-trade, I went long UWTI (triple-log crude oil ETF) at $3.69 with a protective stop-loss below $3.55. My theory is still that crude is a trading vehicle until further notice, in lieu of calling a big bottom or playing for another crash. As such, quick trades can be found here and there. On the 30-minute chart of the USO ETF (straight-up crude ETF), note the gap-fill (top light blue line), as price threatens to move over $19.48. We also have a bullish "ascending triangle" pattern, with the lower light blue line marking a series of higher lows against the flat-top. What this means, typically, is that buying pressure is building with those higher lows for a breakout (on this timeframe). UPDATE: I sold 1/3 at $3.87 to scale gains. Same stop.  USO

Down to One The Quick and the Dead; Ches...

 
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