PlanTradePlanMM

XLF to Long, in Uptrend , Triangle consolidation

Long
AMEX:XLF   SPDR Select Sector Fund - Financial
Condition:
1. Downtrend line was broken by breakaway Gap (G1).
Start a new trend.
2. Weekly demand zone confirmed. (07/01/2016)
3. Triangle consolidation, near the uptrend line.

Entry in side Triangle: below 21;
or buy at next open if Gap breaks the Triangle downtrend line (G2)
Stop: 20.5
Target1: 24; risk/reward=1:6
Target2: 25; risk/reward=1:8

This is a trading school homework. I need 6 months to practice trading plan.
If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
Trade active:
In my real trade, I bought FAZ Jun P26, limit 2.8; No stop.
FAZ is (-3x) of XLF. FAZ is 37 now.
If XLF will go up 20%, FAZ will go down 60% to be under 15.
If there is a Gap(G2) up, prepare to sell P21 limit 2.8. Remove the risk.
Trade active:
One more order filled: FAZ Jun P23, limit 1.71
Trade closed: target reached:
This is a big winner
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.