Tonto Trade - HES

First chart shows yesterday’s C&H formation, which promised to complete taking shape today.


The second chart shows my entry and exits. The interesting thing for me was that the points marked A and B in the chart took place without any consolidation at the base of the C&H (previous day’s high) and therefore they are not reliable entry points. I entered at point C. Another motivating factor for me was that HES kept making higher lows, And the last element to this equation is that OIL is IMHO due to a bounce, and this morning showed definite signs of strength. For a moment I dreamed that HES might touch $100. Anyway, the stocked turned around at noon and ended printing a doji day in the daily.