ETF Trading – TIP, USO, SCO, GLD, FXE
The signals for TIP triggered yesterday – we’re into the first long unit.
USO closed below it’s MA(5). Per the rules we’ve been following, this resulted in a losing trade (it’s High Probability ETF Trading – not “guaranteed results” trading).
Another exit strategy to consider is to exit the trade when the RSI(2) falls below 30 (USO was a short trade). As such, you could still be in the trade with the opportunity to still profit!
SCO has still not moved above it’s MA(5). With the price of oil down this morning, perhaps a large decline in oil today will produce a winning etf trade with SCO.
Other etfs to watch today include GLD and FXE, though the results for commodity and currency etf trades are not as predictable as country and market etfs. You could take initial long positions should these close lower today.
These trades are based on the strategies found in the book by Larry Connors: High Probability ETF Trading.
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