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AwesomeAvani
Aug 9, 2023 5:58 AM

LABU 3X leveraged Medical Technology LONG Long

Direxion Daily S&P Biotech Bull 3X SharesArca

Description

LABU over the past ten trading days has trended down from the top of the volume profile

to near the bottom. The Price-volume trend is flat showing accumulation/coiling.

The price momentum oscillator shows an uptrend suggestive of bullish divergence and

the volumes are stable at or above the running mean. I see this as a good long trade

as some if the ETF components are pumping through earnings. If you are interested

to know my thoughts on a call option setup, please leave a comment.

Trade active

Trade is sideways today. Full position running.

Trade active

Price is up decent. Stop loss raised. Risk is off.
Comments
MarkeyJ
LOADED 4.75 here
AwesomeAvani
@MarkeyJ, You got a good entry the rest of the week should be a good ride.
thomasp713
Looks like you were right in the very short term. It is time again for a bull trade
philli1025
you see a q4 breakout? support is strong for anything below 80 for xbi and it's been a 1.5 year symmetrical triangle in the making.
HeidingOut
What options would you look at for Labu?
AwesomeAvani
@HeidingOut, my suggestion ( also based on what I have ) is an expiration of August 18th striking $5.50; This went up 300% in the past couple of days . If at all possible you buy it at the low of day. An alternative if you envision a longer trend and want a longer option is expiring September 1st striking $6.00 This went up 60% in the past couple of days. I close before expiration to avoid time decay. Specifically, the shorter one on the morning of the 17th and the longer one on the 28th. I take partials with a 100% return taking off half the position as reisk managment for sudden reversals which of course LABU is prone to as a leveraged ETF. I hope that is helpful DYODD. Like and follow !
would be
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