XOM: Exxon Mobile
XOM had earnings today- not that great. In the above chart, the price of 92.94 is highlighted with a green line. Notice how early on price bounced off it? We entered at green arrow. This is a 2min chart. To see what is at 92.94 we need to look below at a daily chart of XOM.
XOM daily chart
In the above daily chart, the red line is the 50 day moving average. XOM is a stock that proprietary firms and institutions trade, so we were betting that there were some buy orders hidden on that avg. With the bounce, we were right. But we weren’t done yet. Take a look at the 2 min chart below.
Proprietary trading strategy
We were waiting for XOM to come down and touch the red line, which is a proprietary indicator we sue because we know prop trading firms use it. Again, orders were sitting there and we went long at green arrow.