chartwatchers
Long

XLE - Buying the gap close

AMEX:XLE   ENERGY SELECT SECTOR SPDR FUND
1507 24 26
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.
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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.
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what is the name of the ERX 3x ETF please?
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Direxion Daily Energy Bull 3X Shares.
And "ERX" is the symbol
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Arpi.. u are a godsend... ive been wanting to hop in that trade as well...thank you dear...
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thanks! will be watching this! (and thanks for all the updates on au... following that too)
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I just bought ERX at 39.83 , thank you very much arpi!
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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...

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shinsky VirtualFax
In 3-4 days? Ok, we'll see then ;)
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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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VirtualFax VirtualFax
Let's see how it plays out but I'll try to catch it here:

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VirtualFax VirtualFax
Moving down the limit price on my buy order based on the current action. SL about 15-20 cents below the bottom on the triangle on the same vertical line.

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VirtualFax VirtualFax
I know that's pretty low and I might miss the trade. But I'd rather be safe then sorry...
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VirtualFax shinsky
Based on today's action I don't think we'll hit the bottom before Fri. Even more likely Mon-Wed next week, which, in fact, will be perfect for a certain bullish setup.
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shinsky VirtualFax
Nice try bud :)
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VirtualFax shinsky
It wasn't a try. It, in fact, was a filled order on Tue. From today's prospective, I could have scooped it even lower as it went all the way down to under $27.60 but who cares. At least I didn't buy it at $30.96, and not even at $30.60...
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shinsky VirtualFax
You shouldn't try to hijack the comment section with your constant updates. If that's the case, start making your own posts.
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VirtualFax shinsky
I wouldn't normally but, in this case, I was strongly opposed to the call to buy such a volatile instrument as ERX is at a 5% to 10% premium. Arpi seems to have a lot of followers who don't do their own analysis but simply prefer to follow someone else's signals. I was trying to give them heads up of what other potential developments could be in play so that they won't get hurt or discouraged by buying too high. Or even if they took a position already, to map the limit of their pain after which the recovery could be expected. I've been once in their shows and I know exactly how painful that could be.

And I don't claim to be always right. I've been and still am a way more often wrong than right. But markets also require flexibility to adapt to new developments.

Lastly, in almost every post I preach for considering ideas of others but always relying on your own analysis.
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shinsky VirtualFax
Like I said, keep your updates out of the comments section. We're not here for your advice, we here for chartwatchers. I won't be replying anymore

anyways, nice try bud
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Thanks for sharing, master.
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Arpi, what's about LABU now?
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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
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suli ArtFly
Arpi - how do you see LABU? What is your goal? Would be fair to let us know your view
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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?
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CNBC should said "Buy XLE" - time to short it! :)
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mbw1972 mbw1972
CNBC "just" said, not "should" said - sorry
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