ProShares Trust Ultra VIX Short Term Futures ETFArca
Description
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I really shoulda had more confidence in that wedge I was callin!
Downchannel trend (yellow) converging with the core decay S/R (strongest S/R since crash, magenta) and the 7M downtrend S/R (red) was bound to be eventful.
It fckin launched price like crazy!
Not sure how it's gonna play out from here, could be tricky to catch the peak. I'd still like to cash out most my position in the 30's and odds still in favor of that but anything around that $25 white line is a viable TP. Hell, now may be a good time to start scaling out but I'm gonna see how it plays out tomorrow before making any rash decisions.
$39 white line lookin like the max here cuz of backwardation (people expecting it to be volatile already). On the plus side we have liquidity back on Team Bear, which is reassuring.
FWIW, my RSI chart is makin UVXY look tapped out so no shame if you cashed already.
Still trying to clear my brown wall, let's see!
Oh and yea when we dropped to the 16's it was lookin suspiciously like a common volatility swing dip pattern as I detailed in another idea:
@ProfitHarvest, Oh okay, so you're not holding all through these posted ideas. That's good :) UVXY is a sure way to bankrupt one self by holding it :D
bkyleo17
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im starting to have some doubts....profitharvest what you think about today?
ProfitHarvest
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@bkyleo17, I think it’s going to be a volatile week no matter who wins haha
SavageTraders
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@ProfitHarvest, going to get real interesting, either way. the calm before the start of a shaky storm
farmerisland
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@ProfitHarvest taking some off at 23 to re buy in would've looked good today, as never got that 25 or higher.... What are your thoughts today on TP? I definitely think we're heading higher ultimately but how much could we drop off beforehand, ya know...
ProfitHarvest
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@farmerisland, I don't day trade so not too concerned with intraday movements. Based on 1W RSIs for UVXY and SPX I think we got more volatility upside and market downside up until election day at least.
SavageTraders
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As a NY trader, we been watching the vix & uxvy closely, went in at 17$ hard, cases of covid are starting to boom again of course, there are many good supports people think the markets will hold us up, but those are just supports, they do not care about uncertainty on a high level. covid, elections, no stimulus etc. If Pelosi does not allow a stimulus to happen soon, fallout can get worse . Algo trade platforms here are adjusted on fibs/retracements when the vix is rising to be less automated
ProfitHarvest
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@SavageTraders, agreed but Trump is attacking Pelosi precisely because McConnell already told him senate won’t be able to pass any more spending bills.
Dems love government spending, R senators and their constituents hate it, regardless that it’s for COVID.