Breakout + Pullback = Good Risk/Reward
Sep.26, 2007 in
Scanning For Things To Trade
There are roughly similar patterns in USO, IEZ, and OIH. I am currently long a 15% approx. weight in IEZ.
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September 26th, 2007 at 2:07 pm
I don’t know how long you’re planning to hold but that looks like the John Carter Fake and Break and I would short it longer-term.
September 26th, 2007 at 2:11 pm
That looks like the John Carter “Fake and Break” in the making and I would short it, especially longer-term.
September 26th, 2007 at 3:43 pm
Sorry about the double message. Didn’t think the first one went through.
September 26th, 2007 at 3:43 pm
Have fun. I was IEZ before spotting this pattern, and I’ll be on it until it hits the trailing or until I re-eval and replace it.
September 27th, 2007 at 6:52 pm
You were right, I was wrong on CL…at least in the short-term.