iPath Series B S&P 500 VIX Short-Term Futures ETNArca
Description
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All I care about here is that green dotted resistance line. Once we can get a 30 mn candlestick to close above that line then we can setup a long trade. If the candle never closes above I don't to trade it. Heres why I think this has a chance at rallying. 1) Closed red on the year just a few days ago, first time in a long time. 2) Sentiment in market is fearful, thats why you see the VXX reatracing not selling off. 3) Continuation Flag pattern here 4) Fading Volume in the downtrend (weakness + trend reversal clue) 5) A lot of support at 20.50
Keep a tight stop below whatever market structure is created tommorow. But once again, we don't want to go long unless we close above/ violate that green dotted resistance line.
Comment
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Typo in the title. I meant VXX not VVX
Trade closed: target reached
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if you went long, chances are youre swimming in money right now.