Entered 4/7/2021 15:33 at green arrow - back logging the trade, not at expiry yet Higher timeframe trend is up Price making weak tops and buyers defending the proximal demand zones Price coming back into +1 sigma At base of hourly demand Potential buyers stepping in, enough to cause a time delay 77.50 sold strike is AT higher timeframe demand zone proximal...
FCX is on the a bullish run; however, I think the fuel will run out on earnings. The reason I'm slightly bearish on FCX is because XLB needs a drop to complete what seems to be the formation of a running flat Elliott correction wave. I cant time it perfectly but I expect a drop in XLB a few days before the earnings annoucnement of FCX. If you like what you see...
In order to understand the market I rely on sectors. It's important to get a good read of each sector that relates to your stock of interest. Understanding the general direction of the market is easier than relying on indicators. No strategy is infallible, I just prefer to proceed accordingly.
Pls come drop and pick me up must get LTF Confirmations to enter! i will personally be watching a lot of sectors as they are making interesting Price Action!
Watch price action on lower time frame for entry.
Materials etf year in review: O $59.55 H $72.34 L $37.69 C <=> $72 Do your own due diligence, your risk is 100% your responsibility. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Small incremental steps work : If you double a penny a day for a month it = $5,368,709. Good luck and happy trading...
Materials sector has been showing relative strength. It is actually 3th in YTD performance, after 1. Technology, 2. Discretionary (Mega-cap lead sectors) Today it is resting on the 100ema, which has been supportive since march 23rd crash. This level is also coinciding with early 2020's high, as well as 4 other tests of the support; including a failed breakout,...
Breaking out to highs again today. Notice the massive relative strength. (Have position)
Technology has undeniably led the market during the pandemic. While it’s usually wise to stick with the leaders, traders should also watch for signs of new sectors coming to life. We might have gotten one today in Materials, especially chemical companies like DuPont . The SPDR Materials ETF traded as low as $62.74 shortly after the opening bell today,...
Since the March lows, (XLB) has put in a strong performance, closing up 19.67% in April, 9.23% in May, 1.39% June, 7.21% in July, and so far 3.71% during this month. Whilst holding above its important medium and long term moving averages, XLB finds itself within sniffing distance of a yearly Double Top pattern and 1.618% Fib extension level (C), taken from the...
XLB has completed (X) wave up in double zigzag correction. In 4 hr timeframe It dropped in (W) & (X) wave, now wave (Y) has started moving down in WXY further double zigzag correction. wave W has ABC correction, in which wave A has already over and wave B started moving up and take up to 2-4 trading days to complete then go down for C wave down. As commented in...
QQQ rallied 33% year-to-date, from 154.26 (12/31/2018) to 204.98 (close on 12/11/2019), driven the Fed rate cuts (three times). The ETF is currently overbought technically as shown in MACD sloping downward. As investors rotate into the cyclical underperformers (energy, materials, industrial, and consumer discretionary), QQQ could potential consolidate and pull...
Nice swan setup. Short target $56.50 please do your own DD.