XLE: Potential short setup
XLE is right at an 8 month level, and about to hit a key level resistance, so I'd like to get short with a wide stop loss speculating on confirmation of the downtrend continuation in the monthly. You can see the 50% speed line of the recent decline on chart, which would be good to see price respect to stay short or enter shorts here.
Volatility is high, so stick with the 3 ATR stop on chart.
Check out my updated track record here: pastebin.com/6CyyqnPT
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Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Volatility is high, so stick with the 3 ATR stop on chart.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Comment:
Once we break back under 66.57 we'll be safe in this trade.
Comment:
Gap down, good, now if we break down, we're good to go.
Comment:
If we gap down below the 'Brexit key level' on chart, we'll slide down as forecasted.