XLY - Impulsive Collapse Into The Abyss 😱🙀
We took this one earlier today after waiting for a bounce at the lows this then quickly engulfed the lows.
This is the most bearish of the SPDR charts and the clue that this would be a great trade was the Shakeout Reversal Pattern "SRP" leading to a bearish momentum candle to fall out of the bearish ascending wedge.
This will easily get to the 1:1 @$108 but I think i'll probably hold on and will be looking for the 1:1.618 @ $80 which would be a 54% haircut from the SRP.
Moves like this show how trading this SRP pattern is so powerful and leads to enormous gains, especially if traded with ATM options as I have done today, but even the trade alone is a potential 30% move right here.
Not advice.
This is the most bearish of the SPDR charts and the clue that this would be a great trade was the Shakeout Reversal Pattern "SRP" leading to a bearish momentum candle to fall out of the bearish ascending wedge.
This will easily get to the 1:1 @$108 but I think i'll probably hold on and will be looking for the 1:1.618 @ $80 which would be a 54% haircut from the SRP.
Moves like this show how trading this SRP pattern is so powerful and leads to enormous gains, especially if traded with ATM options as I have done today, but even the trade alone is a potential 30% move right here.
Not advice.
Your FA guru can't read a chartðŸ’
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.
Your FA guru can't read a chartðŸ’
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.