XLU - Bullish pennant getting ready to breakout for big run up!

A bullish pennant forming with a potential for a large breakout to the upside. See chart for pattern and price targets.

Trade active:

Opened a synthetic long split strike position. Short put at 52 and long call at 53. If the trade goes wrong the split will give me a little downside protection to minimize my losses. Profit target is 55.

Trade closed manually:

Large bearish pinbar on daily so we may may see price rotate lower in the coming days. As a protective measure I have closed for a nice profit. I will consider re-entering if price drops and throws a new bullish price action signal.

Trade active:

We got the pullback I was wanting to see with some bullish price action on the 4H charts so entering long again with a split strike long synthetic. Low risk/high reward setup.

Comment:

Bee playing XLU like a fiddle. Bought in low, sold high off the bearish pinbar, bought back on yesterdays low, and now close to previous high. Ready to ride this pig higher.

Comment:

Large bearish pinbar on the intraday. Closing position and locking in yet another 40-50 cent scalp. Overall have scalped about 1$ out of this. I will continue to play the game, if price drops back to the pennant and throws a bullish pinbar I will be buying back in again.

Trade closed manually