I went long on the S&P this afternoon based on the pattern repeating to the upside (based on my related idea below.) I was planning to place my buy order towards the end of the session, but I saw the price floated down towards the days low and found some support, so I entered my buy order.
Will the pattern repeat for a third time? We have big red candles followed by a small up day and then big gap up days to the resistance line. I'm looking at potentially opening a long position today to play this pattern.
I went short the S&P this morning at market open (using SPXU -3X S&P) and I'm currently up 6%. Both of the gaps have been filled and it has bounced off the recent trendline. I ended up letting my short ride into the weekend. I'm still expecting a visit to recent lows at the 2822 level. I probably should have taken my profits, we shall see what happens over the weekend.
I went long on the third daily bounce off the trendline near the close. I don't expect a blast up like what we had earlier in the week. However, I do expect a retest of the 2900 level over the next couple of days. I have a very tight stop on this trade.
I'm looking to go long if we can keep above this bounce off the trendline. I will wait to place my order until we get near the close. I have been using UPRO (3X S&P for my swing trades.) I expect to retest the 2900 resistance level. I and can make a quick 4-5% as part of that retest. If we can close above 2900, I expect we are heading up toward the top trendline.
I went long this morning for a swing trade. However, it went up much faster than I expected. I closed my long for a gain and just went short. I'm looking for a retest of the recent lows over the next couple of days.