OIL

Oil (USO) showed a buy on the daily chart on July 30th.  The reward / risk on the trade was just over 4 to 1.  The trade was stopped out for a loss 3 days later.

You see when the trade was stopped out, a false bar had formed below the stochastic. 

The long trade is no longer a valid long on the daily. 

However, if you are still bullish on oil, the weekly timeframe shows a potential long setup. 

Joel Stahl