XLE - Buying the gap close

1572 24
For those who missed every opportunity as afraid of chasing the price in gold , oil , labu or spx here is a fantastic opportunity : buying XLE (or for the advanced traders ERX 3x ETF )
As oil getting close to confirm the cycle low XLE just working on the close of the opening gap.
I will be adding to my positions at 68.50 in XLE . If you don't want to miss the move you can add right now 50% of the position (68.75) and add the other half at 68.50.
At ERX you can open 50% at 30.96 and the other 50% at 30.60 if we have an exact gap close.
Comment: The gap was closed at 68.5$.
I was loading up with ERX.
Comment: We entered a bit early but yesterday all who were patient for 2 days are rewarded.
We are in profit.
Yesterday's volume was gigantic. Almost the same as at the reversal at the beginning of 2016.
CNBC should said "Buy XLE" - time to short it! :)
mbw1972 mbw1972
CNBC "just" said, not "should" said - sorry
Opportunity seems logicial, I entered too. However my hedged short position is doing better than my long in XLE.
Any advice for this XLE long position?
Arpi, what's about LABU now?
suli ArtFly
thanks for asking. I also don't know where to get out of the position. I find it easier to enter. If one knows a bit of Elliot wave it might be easier
suli ArtFly
Arpi - how do you see LABU? What is your goal? Would be fair to let us know your view
Thanks for sharing, master.
BTW, Oil might be revisiting $43.85 or even $43.00 areas in the next 3-4 days. So, those who are more risk averse or who are willing to take chances and wait, might be able to scoop a portion of ERX position at around $30, give or take (100 SMA) or even $29.50 (current year trend line).

But, it, obviously, involves a risk of being left behind if Oil takes off without looking back again...

shinsky VirtualFax
In 3-4 days? Ok, we'll see then ;)
VirtualFax shinsky
No guarantee,.... just the triangle pattern development logic. However, the similar logic did work with Gold, which was expected to tag the uptrend line after bouncing off $1,352 couple of weeks ago
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