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Hi fellows, just one of my today swingrades:
As you can see ERY bottomed out and forming a bull flag pattern.Rising bull momentum is there clearly represent by divergence on Momentum and CCI...
As ERY broke its minor downward trendline and came back down close to a retest, a long position is entered with a tight stop.
Factors leading to the decision:
The small recent downtrend has been broken, then price came back near the trendline to test it
Price has re-attempted the recent high, showing strength
A recent high offers us a place to put a logical...
Seems like we can trap some of the people that shorted below the most recent low. I put this trade on awhile ago, but can still get in at a good price.
ERY zoomed the CL. from the south, came back to it and it looks like it get's some MoMo to the upside.
Price followed the Forks textbook.
So yes, I will try a long with the UL.
P!
This is a chart of the triple-leveraged SHORT energy ETF. The indicator at the bottom shows the departure of price from SMA 50 (classic OB/OS detector), and short ETFs tend to make peaks and troughs easier to follow.
Barring a mini-crash similar to that of 2011, the damage should soon stop. That said, another mini-crash or even full-on bear market would not be...
NYSE Arca
