10/06 – ETF Trading – USO, SCO

USO closed higher yesterday, enough to trigger taking a third and final short position. USO is over bought (the RSI(2) is high at 97.19) and ready for a correction.

The higher closing price for USO also triggered a third and final long position for SCO. We’ll now wait for our etf exit signals.

Our exit signals are triggered when the closing price for IWM is lower than it’s MA(5), or – for a potentially larger gain – when the RSI(2) is less than 30. We’re using the latter signal. You’ll exit the leveraged trade on these signals as well.

All etf trades are at the market close. Please trade responsibly.

Learn more about short etf trading strategies in the book by Larry Connors: High Probability ETF Trading. His etf trading strategies have just a few simple rules and you’ll be able to back-test and apply the strategies to the next trading day. Get your copy today and be ready for the next trading session.

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