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Short

USO analysis based on ToW proprietary indicators

AMEX:USO   UNITED STATES OIL FUND LP
Description of my Tug-of-War (ToW) indicators (named for the tug-of-war between the bulls and the bears):
  • The price moving up or down is usually correlated with the lines of my ToW indicator being above or below 0 (you can hover in the chart above over previous bars to confirm).
  • The green lines in the 2nd pane from the top and purple lines in the other panes are the swing line (it often swings up and down from one bar to the next around its moving average).
  • The rest of the lines are the direction lines (they show the expected direction or trend).
  • The ideal setup is for the trend to be one way (let's say on the up side of 0, preferably pointing up as well) and the swing line to be the other way (to be on the down side of its moving average, the red line). Thus the purple, swing line will likely swing back to be on the same side of its moving average as the trend lines are on the side of the 0 line (unless the trend breaks down). This is like buying during dips on a strong uptrend.
  • In addition to that I'm also looking for potential divergence between the top pane lines (ToW-D) and the price which may indicate a reversal.

Analysis (for 1 day chart on left):
  • The direction lines are below 0 and mostly trending down which means the price trend is down.
  • The swing (purple) lines are high, indicating being oversold (one the one-bar time frame).

Conclusion: USO is expected to fall today.

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DISCLAIMER: Security trading involves substantial risk of loss. My analysis is not trading advice. Do your own research first and/or consult a financial advisor. I'm not responsible for any losses you may incur following my analysis.
Comment: Closing position. 29.03-28.50 = $0.53 (1.83%) profit. I actually had put for 53% profit.
Trade closed manually: it may fall more but closing here since the prediction was for one day.
Want to know more, free signals, what I'm trading and when I'm trading it? Last week's predictions 92% accurate and 13.6 profit factor--verifiable! Join free https://discord.gg/wDTkRnS (also interesting discussions) or https://t.me/TradersForecast.

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