Thursday, May 21, 2009

Thursday trade - SU


I was seeing a lot of good setups today--it was hard to choose. I couldn't resist these two really negative candles (almost a tweezer top) at the PDL on high volume in SU. One negative was that there was a lot of congestion between 30 and 30.5 so I was expecting it to stall at the ORL at 30.4. It did stall there but on fairly low volume, but I didn't like how much relative strength SU and USO were showing. I tightened my stop to BE plus a little extra for my efforts and got stopped out for a small .46R winner.

Setup: 65

No comments: