CVX dropped after its earning report, and it gave a inside day breakout afterward. At the same time, the oil price rallies a lot that is very close to the important pivot.
Being bullish about oil but not willing to chase the high before the resistance, long a oil company may be an alternative.
Often times, a demand/supply zone is formed by inside bar breakout/breakdown despite the fact that they have totally different trading philosophy.
While if we missed the inside bar breakout to catch the momentum, a pull-back strategy is still better than chase the high.
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Got the 1st kick @ 116.70, put the rest of the out below 113.90 to trail.
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an inside day at high, put some of the out at the inside day low 119.85; the other put below 115 pivot to trail!
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Great example of demand zone trade, put the out below 125 to trail!