I decided to get long this at the close on Friday,
I might actually be jumping the gun a bit though , would be nice to see it take out the 60.24 level with a breakout above , however this looks like it has potential and based on my trades risk if it does work it will be a quick de risk .
This is a very very beat up ETF , the worst of the groups in my opinion , so if OCT 13th was indeed a bottom , it may stand to reason that this could be a good comeback play , trend permitting .
Also , I felt like the market was going to fail last week when I've been bullish since Oct 13 2022 , last week was the first time I lost that bull market feeling since Oct 13th, a little at-least . Then we had the two day rally for thurs and Friday . I really think that most of the time it is best to be contrarian , but I was a bear from monday to wed last week , even took a small SQQQ trade in the day trade account for fun . But when we start getting controlled by the market like that , especially when we are bullish bias , we need to recognize that the market just did to our emotions and probably do the opposite of what we are feeling .
Looking at the inner names making up this
The largest are META (20%), GOOGLE(21%) , VERIZION(8%), DISNEY ( 4.61%) and NETFLIX(4.39%) .
META is looking like it really wants to transition to a stage two , has a gap up suprise on daily and has taken out out some highs to the left , its arguably in an early stage 2 but would be nice to see it make another higher high and hold current levels , could be more of a stage one , but there is a lot of signs it might keep going for me
Google , is weak . looks more like a range at best at this time , needs more time to set up . It's still in a stage 4 i'd say but it did kind of break above its DTL the other day , so some early signs of downtrend losing strength, maybe...
Verizon , even weaker than goog , stage 4 still on .
Dis , broken out of its DTL , stage one seems reasonable ..
NFLX , Strongest of the bunch , Stage two on and strong , had a UCB ( upper channel breakout ) which proved bearish but still in a solid stage 2 .
So that's , 2 stage 4s , 1 stage two , 1 "almost" stage two and one stage 1 . Also the market wedge popped on friday so this trade may be early but all the signals lined up so lets see how it goes . I think that on some timeframes XLC is in a stage 2 but a better level to get active above is . Honestly , I think that there's nothing with waiting to start getting active above 60.30 level instead, which is a defined S2 , but I got a little excited on fridays close so I'm in already lol
I might actually be jumping the gun a bit though , would be nice to see it take out the 60.24 level with a breakout above , however this looks like it has potential and based on my trades risk if it does work it will be a quick de risk .
This is a very very beat up ETF , the worst of the groups in my opinion , so if OCT 13th was indeed a bottom , it may stand to reason that this could be a good comeback play , trend permitting .
Also , I felt like the market was going to fail last week when I've been bullish since Oct 13 2022 , last week was the first time I lost that bull market feeling since Oct 13th, a little at-least . Then we had the two day rally for thurs and Friday . I really think that most of the time it is best to be contrarian , but I was a bear from monday to wed last week , even took a small SQQQ trade in the day trade account for fun . But when we start getting controlled by the market like that , especially when we are bullish bias , we need to recognize that the market just did to our emotions and probably do the opposite of what we are feeling .
Looking at the inner names making up this
The largest are META (20%), GOOGLE(21%) , VERIZION(8%), DISNEY ( 4.61%) and NETFLIX(4.39%) .
META is looking like it really wants to transition to a stage two , has a gap up suprise on daily and has taken out out some highs to the left , its arguably in an early stage 2 but would be nice to see it make another higher high and hold current levels , could be more of a stage one , but there is a lot of signs it might keep going for me
Google , is weak . looks more like a range at best at this time , needs more time to set up . It's still in a stage 4 i'd say but it did kind of break above its DTL the other day , so some early signs of downtrend losing strength, maybe...
Verizon , even weaker than goog , stage 4 still on .
Dis , broken out of its DTL , stage one seems reasonable ..
NFLX , Strongest of the bunch , Stage two on and strong , had a UCB ( upper channel breakout ) which proved bearish but still in a solid stage 2 .
So that's , 2 stage 4s , 1 stage two , 1 "almost" stage two and one stage 1 . Also the market wedge popped on friday so this trade may be early but all the signals lined up so lets see how it goes . I think that on some timeframes XLC is in a stage 2 but a better level to get active above is . Honestly , I think that there's nothing with waiting to start getting active above 60.30 level instead, which is a defined S2 , but I got a little excited on fridays close so I'm in already lol
Trade closed: stop reached
艾力克~