MoneyPatterns

SPXS - Banana Pattern Getting Bullish

AMEX:SPXS   DIREXION SHARES ETF TRUST
TRADING ACTIVE
Options were closed when stops were hit.
Stock is kept as better entry. More resistant to market whipsaw (no time issue like options).

Chart Details
Banana/Shoe pattern is repeating.
We are at the end of current pattern. Expecting gap fills up to possibly $17+
Bullish EMA Cross (at $13.70) and Bullish 10WeekMA cross ($14.60). Over both we are confirmed Bullish . I would be watching exits as this moves quick.
Fractal shown is from similar pattern where Daily candle had topping tail wick, followed by larger green Daily candle on next day.
This indicates the turn to me.

Entry Options
I would continue to add in this position under $12.90 if we get into end of pattern. Otherwise I am waiting with current position.
Stop loss at $12.70 – although I will probably hold past this. SPXS will pop and cover up-gaps.

Side-note - GDX and Gold are both turning bullish which (to me) is a secondary confirmation of incoming market correction/pullback.

News: - I haven't watched either but RealVision is excellent with sources.
1/1/2020 - John Bollinger Interview (Debunking False Assumptions) https://www.youtube.com/watch?v=i5zhwFpN...
1/2/2020 - RealVision Finance "WTF is going on in the economy" https://www.youtube.com/watch?v=bWkyP9n0...

About Me
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
I am transitioning to my new website https://www.moneypatterns.com and have updated my name previously jbird7839. Same guy - new name. :)
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD , GBTC . Short term GDX Bullish , SPXS Bullish
Comment: Iran fires missiles at US bases in Iraq.
SPXS about to get very bullish.
Will update new chart tomorrow.
https://www.independent.co.uk/news/world...

Comments

Your chart assumptions are in line with mine.
Revealing Stop Placement at 12.70
Reply
MoneyPatterns The_Unwind
@The_Unwind, SPXS is pretty tight, so I figured 12.90 would be the "add area" and 12.70 is cut losses time (to rebuy later).
I have alerts really, not actual stops. I feel that "tells" my order.
+1 Reply
The_Unwind MoneyPatterns
@MoneyPatterns,

You are way too experienced for me to "preach " :)
However in the occasion of a real event, especially in SPXS,
you may not get a chance to get filled anywhere near your limit price by placing an alert.
Stop placement is an art, but for me they must be entered SQL/ GTC
Reply
MoneyPatterns The_Unwind
@The_Unwind, I will gladly take that compliment. I think that made up for the last 2 people who trolled me for days.
Thank you bro. You are not preachy either. Maybe when people say something, back with sources, and then are polite...I listen.
SPXS - I think we are compressing the spring down here.
Also, its funny how the market can be driven by debt and tweets...then deflated with drone strikes. Market is a puppet.
I place my orders daily. But anytime I use GTC and I need to change, the order gets stuck.
Especially if I am trying to change the order premarket.
In a few weeks we will be grinning like a Cheshire cat.
Reply
MoneyPatterns The_Unwind
@The_Unwind, Dude...they are messing with us. My add area of $12.90 hit. Right at the edge of banana support LOL
The shakeout before the breakout. :)
Holding strong and happy as we wait for gap up.
Reply
Excellent advise here.
Thank you for the solid information.
Reply
MoneyPatterns The_Unwind
@The_Unwind, Thank you. For some reason the downtrend type charts always show bananas/shoe pattern to me LOL
Reply
I added 500 and shorted 5 Jan 14s. Ty for post; lets see. Might just hang for a week or two IMO, and markets could also squeak higher another inch.
Reply
MoneyPatterns DaddySawbucks
@DaddySawbucks, Could go a little higher. I feel correction by months end.
We are in a good spot with cost basis. Anything dropping 25 cents or more and I will just add another 100 shares.
+1 Reply
DaddySawbucks MoneyPatterns
@MoneyPatterns, The Jan 14's are lousy premium but u can cut the buy price by .15c that way. I wouldnt sell any after that expiration.
+1 Reply
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