Looks like a reasonable place to long, pattern completion, around key support, consumer staple in face of recession... ill try.
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First target here is 15 to 1 reward ratio.
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VERY conservative targets are still high risk reward, at the 236 and 382fibs... if youre a pussy.
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Not feeling volatile enough for a bottom.... maybe it gaps up tomorrow but im sticking with my spidey senses that this is going lower.
Im out... break even minus ripoff trading fees.
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So if this doesnt hold, things get really ugly IMO.>>>>
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Now were starting to get some structure.
I would be a buyer of a pull back, which i think is likely. perhaps not new lows, but yeah, will watch rsi for an entry.
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So that was the pullback, stoploss 33.20
no idea if this is the bottom but it very well could be...
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I didn't allow stop loss to activate, instead I doubled down at 33.08..
Also bought some dominion energy.
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Why? because of heinz compared to XLP. Not only do i believe heinz is at support on its USD chart, but also vs XLP.
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I added even more down here.
so the wave structure looks like a 5th wave completed... as markets move down it is showing strength now and moving up. Inversely correlated as it has been all year, but now it is a good inverse correlation lol.
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This specific double bottom pattern on XLP / XLY has been ingrained deep in my brain. I will never ignore it again.
XLP is consumer staples vs XLY consumer discretionary.
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Also looking for KHC to outperform energy/oil during this time, at least for awhile.
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Low timeframe wyckoff?
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Exited 33.64 for reasonable profit. Looks like this may break the lows, will know soon. keeping an eye for more long opportunities.
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Prefer we go to 32.80 at least before i buy anything.
if it doesn't get there i just miss the boat.
potential inverse H&S forming low time frame.
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The recent scam pump changed everything.
new view.
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I have realized my mistakes, i made money elsewhere so im getting back in around the same price i got out.