Thursday, June 23, 2011

Entered Long On Reversal Day.

I usually wait for the daily MACD lower line to cross the upper line to the upside before going long but the market sometimes gives you a great sale. I figured oil would sell today but to open to the downside as much as it did was like a gift handed to me. I was looking to buy this week, well I got OIL on sale. I waited to see if the afternoon market reversal would stick and with reversal secured this afternoon, I entered OIL in at $23.58. I am looking for the gap on the daily chart to be filled and maybe move a littler higher within a couple of days. I have to be careful because the trend is down, so I have a close stop.

Daily Chart by

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