Hi Shoppers,

Did you see that?

What a reversal Friday in the United States Oil ETF (Ticker: USO):

Friday’s 5-minute USO chart

This is why the confirmation AND waiting for at least an hour after the open to place an opening trade is so important.

I last wrote that March Crude Futures were testing a support level as was USO.

Both were looking so good that first hour, trading higher – until they didn’t.

They completely fell apart and reversed lower.

USO, as noted in the chart above, traded a high of $64.51 before the end of the first hour. Then it did not see another uptick until 12:10 p.m. ET, which was also short lived as it continued to trade lower.

Here is what it looks like on the daily chart:

Huge reversal.

The Crude Futures did the same:

Since I waited, I did not get caught in a trade on the wrong side.

Passing up trades, due to not meeting your criteria, is also good trading.

That is why it’s important to stay disciplined and stick to your trading rules.

And I have another trade idea for you …

INTEL-ligence

I am watching and waiting for Intel (Ticker: INTC) to close over $30.50.

This is a great example of support/resistance levels.

INTC has traded up to the $30.35 resistance and, intraday on Friday, over the resistance.

But it has yet to close over the resistance level.

Once INTC closes over $30.50, it will trade up to the 200-day moving average at $33.58.

Check it out:

Again, be patient.

We saw what happened with USO and the Crude Futures this week.

Put INTC on your watchlist and keep your eye on it.

It will be a great trade.

Thanks for Reading … See You Next Tuesday,