i am going to add the X set-up to the Long-Term Trades category. although the recent trade is only based off the 60 minute chart, X just made a perfect tag of a multi-year support line with the RSI on oversold territory that has preceded significant rallies in the past. for a trader or investor with a longer-term time horizon, i think that X offers a very objective entry at current levels with the appropriate stops on a weekly close below that support line. one could also use a scale-in or dollar-cost-averaging approach, buying fractional lots of X over the next few weeks/month, even using the levels on the 60 minute chart to manage your buy points. longer-term swing targets TBD.
