eudotong1
Long

Longing the Inverse DOW - Bearish on Stock Market

AMEX:SDOW   PROSHARES TRUST ULTRAPRO SHRT DOW 30
Last week, I was targeting a short on the DOW. The setup still looks valid, so it's time for entry. It's my first time making a stock trade, so I'm just going to use Robinhood and purchase the inverse DOW index ( SDOW ).

I see some very strong bullish diverge on the weekly chart. Even smaller timeframes look to be coming to an end of their downtrend in the near-term. This is the lowest low we've had, so it's going to be a strong support. If we break through it, I'm very comfortable taking a 7-8% loss. But the long-term upside is 20% conservatively. The R:R is too good to ignore. I've entered the trade and will add to position when price begins ticking up on the daily.

Entry: 13.56
Conservative Target: 16.20
Aggressive Target: 20.42
Stop-Loss: 12.48
R:R: 2.44
Comment: Position peaked at over 8% in profit today. If we have another green day tomorrow, I'll book some profit and get back in on a correction, as I say we're approaching the stronger moving averages on higher timeframes.

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