As I had planned to spend this week scouring the financial markets for new swing trade ideas, I figured that I would start by updating the official active trade ideas on the site (located under the Trade Ideas category & sub-categories at the top menu of RSOTC.com). I might even do a couple of videos today (one for longs & another for short trades) covering some of the recent & not-so-recent, but still active official & unofficial trade ideas that stand out as either currently offering an objective add-on, re-entry (if profits were taken at a recently hit price target), or new potential/pending objective entry or add-on.
In going through the Active Long Trade Ideas, I wanted to point out that the /CL (crude oil futures of USO, crude ETN) Active Long Swing Trade with the initial entry on June 24th (and subsequent buy signal/add-on with the bullish falling wedge breakout & backtest) hit the first price target (T1) on Wednesday for a 9% profit. /CL (or USO) will trigger the next objective entry, add-on, or re-entry (for those that booked profits and/or reversed short to game the pullback off the initial tag of T1) on a solid breakout above the T1 level, especially now that it’s been hit, followed by the typical reaction to help alleviate the near-term overbought conditions.
CL 120m June 24th
CL 120m July 13th
If still long from the initial buy signals, consider raising stops to protect profits. As always, stops should be commensurate with one’s average entry price & preferred price target(s), using a favorable R/R of at least 2:1 or better. Previous & updated 120-minute charts above.