SPDR Select Sector Fund - Energy Select SectorArca
Description
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Horizontal S&R: dialy and weekly Channel S&R: yes MA S&R: some, 20ma >200ma: no Volume confirmation: yes Candle Confirmation: no Stoch Divergence: yes daily Reg Trendline >85: yes Short Float: n/a Risk / Reward: 1.3 & 2. hope to get some at $65
Any feedback is welcomed.
looks like a good setup, though oil is a highly manipulated market.
Hi SR618. XLE still quite weak yesterday, even WTI & Brent rose by more than 1.5%, and what we saw from OPEC + non OPEC meeting was so unexpected encouraging. Something wrong happened to XLE?
SR618
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@lantao517, My expectations for this trade isn't that high. Ironically, those are the trades that often work best in my experience. In the past I used to adjust my stops and targets after entering the trade, which generally screwed up my averages. I find it best to just 'set and forget'. Only exception is when price nears my target, then I will move stop to break even.
lantao517
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@SR618, XLE was passively supported by rising oil price, and it did breakout the down trend and 50 DMA although the strength was relative weaker than oil. How do you think about it? I have to say the upward trend might is under way.
lantao517
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Unfortunately, more and more tend to be a false breakout, and the heavily selling pressure is coming, do you have some update?
lantao517
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if look at weekly chart, the turn is more obviously, crossing MACD and recovering RSI from extremely oversold area, however it need to breakout the 60DMA, then the bull is on the way.
Read from monthly chart, the WAVE C Patten is just so much obviously, I think the risk-return is so good now.
SR618
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@lantao517, good to know. I usually just use weekly and daily charts.