asiansupermarket
Short

USO 1yr 2hr wedge range bound continues

AMEX:USO   UNITED STATES OIL FUND
Looks like we can take another stab at the range bound wedge run.

It is getting fairly tight - faked out once so far to the downside. Lots of volume on here and usoil             futures , could be indicative of a bottom for the down trend, not going to look too deep into it since we know how many bs contracts are open.

Possibility of a rough head + shoulders which would confirm the range bound price action. Setting up a position short here earlier than shown ~10.93 then will add on as shown in the chart.
Trade active: 11.30 short position SL @ ~11.60
Comment: I really want to hold past fed day - still on the fence to stopping out
Comment: Still holding this
Trade closed: target reached: Back at the bottom of the wedge. Most efficient way to play it now is to sell puts to get called into a long position if it breaks out down.
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