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Good question and that's entirely possible but it first has to break up 2103 to do that and I didn't want to risk my gains. I think we will find out very soon if that declining channel will be formed and if it will be a bull flag. Breaking up 2103 is long entry again.
I have a small position in DGAZ. Looking to ride it down a few percent to the bottom of the channel at/around 2.400. I'm about to hit my stop though (at 6.70 in DGAZ). Must keep a tight stop with these 3x ETFs or they can destroy you.
Well, you are playing with fire then. I've been burned with leveraged ETFs already. I don't come near them again. Futures or CFDs are more suited for me. These last bits of a trend is always very painful and slow. The same with Natgas. I reckon it will be choppy but still my target is 2.4 until proven otherwise. This rally should reverse around 2.83-84.
Nice call, I bought @ SPX 2089.33 (D of the bullish bat), closed with +10 points.
ReplyDelete2nd chart shows another potential bullish bat for tomorrow's open...
excellent charts, I followed you on that SPX long at 2089 and closed at 2100 yesterday
ReplyDeleteBouraq, your target of 2102 is correct? would it be reasonable to hold for the top of the red channel at 2120?
ReplyDeleteGood question and that's entirely possible but it first has to break up 2103 to do that and I didn't want to risk my gains. I think we will find out very soon if that declining channel will be formed and if it will be a bull flag. Breaking up 2103 is long entry again.
ReplyDeleteNice Sam. Glad that someone is making use of it.
ReplyDeleteA rally to 2120 is possible but it needs to break 2103-04 first.
ReplyDeleteI wish NatGas would pick a direction already. Looks like it is breaking UP this morning.
ReplyDeleteWhat's your position Chuck? What are you trying to do with Natgas?
ReplyDeleteI have a small position in DGAZ. Looking to ride it down a few percent to the bottom of the channel at/around 2.400. I'm about to hit my stop though (at 6.70 in DGAZ). Must keep a tight stop with these 3x ETFs or they can destroy you.
ReplyDeleteWell, you are playing with fire then. I've been burned with leveraged ETFs already. I don't come near them again. Futures or CFDs are more suited for me.
ReplyDeleteThese last bits of a trend is always very painful and slow. The same with Natgas. I reckon it will be choppy but still my target is 2.4 until proven otherwise. This rally should reverse around 2.83-84.
if you taking Long WHEAT what would you stop be?
ReplyDelete475.
ReplyDeleteDOW tested orange band for the 3rd time, 4th touch breaks down?
ReplyDeleteBelow 18057 is a certain break down.
ReplyDeleteYour WHEAT charts worked like a gem! Made good profit.
ReplyDeletehello Bouraq,
ReplyDeletehope you are well. what a wild ending to the week -- looking forward to your thoughts on SP500 and NatGas -- thank you for you work.
Glad someone is making money from my calls.
ReplyDeleteJust posted Geraldine. Have a good weekend.
ReplyDelete