BOIL a scalp trade LONG
BOIL had trended down from a high about May 19 until June 2nd when it reversed and gained
for one week before resuming its trend down. This can be seen on the half hour chart. The
The attached RS indicator shows the decreasing strength trending down from 65 to 40 over the
past few trading days. Upon drawing trendline support and resistance. I note that a descending
or falling wedge pattern is evident. This is a bullish chart pattern predictive of a price action
reversal. A volume profile is added to the chart showing the highest volume of trading at
the POC line corresponding to a price of $2.58.
I will trade a long trade on BOIL by way of a buy stop at $ 2.59 with a stop loss at $2.57.
The target will be the top of the high volume area of the volume profile @ $2.74.
This trade will risk $0.02 compared with a potential profit of $ 0.15 yielding a reward to
risk of 7.5. As it turns out, I did this exact same trade this past Wednesday June 7rh.
Besides 100 shares I will buy one call option striking $2.50 with an expiration of 6/30
to leverage the trade.
for one week before resuming its trend down. This can be seen on the half hour chart. The
The attached RS indicator shows the decreasing strength trending down from 65 to 40 over the
past few trading days. Upon drawing trendline support and resistance. I note that a descending
or falling wedge pattern is evident. This is a bullish chart pattern predictive of a price action
reversal. A volume profile is added to the chart showing the highest volume of trading at
the POC line corresponding to a price of $2.58.
I will trade a long trade on BOIL by way of a buy stop at $ 2.59 with a stop loss at $2.57.
The target will be the top of the high volume area of the volume profile @ $2.74.
This trade will risk $0.02 compared with a potential profit of $ 0.15 yielding a reward to
risk of 7.5. As it turns out, I did this exact same trade this past Wednesday June 7rh.
Besides 100 shares I will buy one call option striking $2.50 with an expiration of 6/30
to leverage the trade.
Trade closed: target reached:
BOIL hit overhead resistance - moving well on the trade which is now closed. Watching for a trend down from which to take put options and short the stock.
Also taking a long call option on UNG once the price hits an intermediate-term low.
Also taking a long call option on UNG once the price hits an intermediate-term low.
Trade active:
I caught the BOIL day trade this morning from 630 to 830 EDT for a 4% ROI. Nice slow scalp with good results.
Trade active:
BOIL has boiled over with an overall gain of 20%. Upcoming action is likely to be
highly volatile with a pullback correction possible and an upcoming scheduled
reverse split which does not happen until it happens. This week rewarded a lot of
patient traders.
highly volatile with a pullback correction possible and an upcoming scheduled
reverse split which does not happen until it happens. This week rewarded a lot of
patient traders.
Trade active:
Here is an interesting video analysis that may be worth watching www.youtube.com/watch?v=xWE8dpEh...
Trade active:
Another related idea just uploaded and potentially worth considering
Trade active:
Another BOIL scalp today nearly 9% ROI as BOIL rebounds from a retracement. Expect tomorrow to be sideways awaiting more action the next day.
Trade active:
Great price action today on the split to close out the week! See this linked article
www.washingtonpost.c...atlantic-uk-climate/
www.washingtonpost.c...atlantic-uk-climate/