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Entered swing trade on UPRO today: UY signal for UPRO last Friday, with a nice dip intraday to provide a buying opportunity. Weak closed but finished with a BUY sign. SELL on first red heiken ashi candle. TP1 @ 3%/$88.31 (25% of position) TP2 @ 5%/$90.23 (25% of position) TP3 @ 7%/$91.95 (25% of position) Strategy Statistics from backtest since UPRO conception...
BUY signal for UPRO last Friday, with a nice dip intraday to provide a buying opportunity. Weak closed but finished with a BUY sign. SELL on first red heiken ashi candle. TP1 is about 3% or $89.68, where I'll take of 25% of the position if that is hit. TP2 @ 5%/$91.42 (25% of position) TP3 @ 7%/$93.16 (25% of position) Strategy Statistics from backtest since...
SO HERE I AM TRYING TO DECIDE IF I SHOULD TIGHTEN UP MY 45 DEGREE ANGLE A BIT MORE OR IF I SHOULD ALLOW A LITTLE WIGGLE ROOM
It makes no sense given the economy, but the chart is saying we could be starting Wave 2 soon with a Huge wave 3 to come. I'd love to hear everyone else's thoughts. I can't get my mind around a ride up as the economy goes down. *NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
We have remained bullish and stayed in trade based on the 9-13-9 MACD (top MACD at bottom of chart). First take profit target is for 10% of position at a 4% gain. 1st Take Profit Target- 10% of position at 4% gain - 74.03 2nd Take Profit Target - 50% of position at 8% gain - 76.87 Let remaining position ride until sell signal Trailing Stop at 6%
On shorter timelines there is upside, I hope. Backing out until I could see a clear pattern, on the daily timeline looks like we're on the start of leg C down after a nice 5 Wave up A .236 retracement would have us bounce around $55.43 Sadly, I did my long term homework after the fact and missed the peak. Expecting to get SL'ed out and lose on a long UPRO...
Overall I think we're on Leg B of a market correction in the bigger picture. But in the short run, it looks like we're on Leg 2 of an Elliot Wave up for UPRO on the S&P overall, expecting a 6-10% rise, then a precipitous drop . Prediction - UPRO dropping to between 58.91-59.73 with arise to between 64.5-70.08 (short run) New to this platform, would welcome...
The SPX had tons of momentum before Corona Virus took ahold, which will have an effect on earnings for a few quarters. Look for the market to fully price in these concerns shortly and the rise should continue, especially quickly for this leveraged fund. Target $90
It's insane how many stocks got huge increases in their earnings forecasts today. Virtually all the mining stocks, energy stocks, China tech stocks, aerospace stocks, airlines stocks, and rideshare stocks got bumps. Some of the biggest raises came in Baidu, Boeing, and Uber. I'm also seeing some pharmaceutical upgrades in companies like Abbvie and Alexion. Some...
UPRO vs FAS vs SPXL (May 2010 to Nov 2019)
System T Performances: Annual Compound Profit 40%, Win Rate 55%, Risk Reward 2:1, 20 Years of Backtesting Data! Follow me for my Buy & Sell signals!
Last week,the index rose up to 3028 area as it was expected. The index fell approximately -0.80,as geopolitical tensions in middleast escalated over drown attack to Saudi Arabia pipelines,which made the oil prices rise about 10%. If 3028 servers as a mid-term pivotal support,the index prices may rise up to 3028.