This is one trade that I honestly lost interest in because it kicked my butt, so far ;) , and then I missed the wedge drop on Friday busy at work. But in hindsight, that's just emotions and my regency bias making excuses. Simply put , I should have entered Friday on the wedge drop plain and simple at work or not ....
So, that being said, I decided that if I was still able to get a entry near Friday's close today, I would give this one another shot , because wedge drop is a wedge drop and market trend is down ...
The weekly chart actually has a wedge drop along with the daily and I especially like the rejection in the wicks we can see here on the weekly which is less apparent on the daily . Tesla and Amazon make up just over 21% weighting each ( just under 43% combined ) of this fund and both are arguably in stage 3 tops and have not broken down yet . So I think that will have a big influence on how this trade goes .
Whatever the case XLY itself is in a stage 4 decline , SPY is in a stage 4 decline and QQQ is in a stage 4 decline .
Entry 175.57
Stop 180.49
Target 165.75 ( de risk area )
So, that being said, I decided that if I was still able to get a entry near Friday's close today, I would give this one another shot , because wedge drop is a wedge drop and market trend is down ...
The weekly chart actually has a wedge drop along with the daily and I especially like the rejection in the wicks we can see here on the weekly which is less apparent on the daily . Tesla and Amazon make up just over 21% weighting each ( just under 43% combined ) of this fund and both are arguably in stage 3 tops and have not broken down yet . So I think that will have a big influence on how this trade goes .
Whatever the case XLY itself is in a stage 4 decline , SPY is in a stage 4 decline and QQQ is in a stage 4 decline .
Entry 175.57
Stop 180.49
Target 165.75 ( de risk area )
Trade active
adj stop to BE , still have not de risked at 2R but want to get somewhat defensive here ...Note
Sold 1/8 here , a tiny bit, early too but seeing as how this is a 4th attemtptand we are seeing some support in the range developed currently just want to act defensively here in case we pull a U turn ...
Note
Observation , in the post market last night the target I had placed to de risk was actually touched , I will try to remember to allow limit trades outside regular mkt hours in future , this is something that has caught me multiple occasions that is easily remedied against by modified orders . Not to say I would have gotten filled but it did touch my target ~Note
just derisked more at 165.75 , down to 1/3 of my shares now , and I will ride this to a close above the 10/21 emas stop on balance still BE/entryTrade closed: stop reached
stopped out of balance today via protective stop and close above 10/21 emas
艾力克~
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艾力克~
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.