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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
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Posted by: Nate McCartney | May 04, 2009 at 01:00 PM