nice move on SOXS - yesterday was the day to buy it. in this
post from yesterday when folks were asking for swing ideas, Steve
mentioned SOXS, hope some of you bought it yesterday. Market gaps
- hard to chase gaps best to buy wedge patterns on the
indexes inside the pattern if they look good because of their
propensity to gap
Steve's post reply from yesterday
(blayden - watch SOXS for a swing (quite volatile so take
note)
I took some this morning, with a stop back inside the wedge.
Given the more "macro" forecast for next week, I was planning
to take a position today, in any case. Thanks to you both for
pointing out this swing idea.
additional comments on SOXS -here's the 60 min chart - the gap
OUT of the wedge this morning is probably a breakaway gap. If so
price should NOT fall back into the wedge, so that gives you an
idea for a stop.
Also and this is important. notice symmetry via the dotted line.
That's the FIRST logical target area.
Next - if a price run up can break symmetry, that would be
important because then odds favor a higher low on the next pullback
- which could allow this falling wedge to morph into an Inverse
H&S
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nice move on SOXS -
It seems like things are moving more towards day trading ...
Posted by matt on 1st of May 2020 at 09:41 am
nice move on SOXS - yesterday was the day to buy it. in this post from yesterday when folks were asking for swing ideas, Steve mentioned SOXS, hope some of you bought it yesterday. Market gaps - hard to chase gaps best to buy wedge patterns on the indexes inside the pattern if they look good because of their propensity to gap
Steve's post reply from yesterday (blayden - watch SOXS for a swing (quite volatile so take note)
So if this move down
Posted by retirefire on 1st of May 2020 at 10:26 am
So if this move down on SPX should follow an A-B-C ..... then rather than buy this gap one COULD wait for a retest of the breakout then buy SOXS ?
Hope blayden took some SOXS
Posted by steve on 1st of May 2020 at 09:56 am
Hope blayden took some SOXS yesterday
I took some this morning,
Posted by rfmathis on 1st of May 2020 at 10:06 am
I took some this morning, with a stop back inside the wedge. Given the more "macro" forecast for next week, I was planning to take a position today, in any case. Thanks to you both for pointing out this swing idea.
additional comments on SOXS -here's
Posted by matt on 1st of May 2020 at 09:45 am
additional comments on SOXS -here's the 60 min chart - the gap OUT of the wedge this morning is probably a breakaway gap. If so price should NOT fall back into the wedge, so that gives you an idea for a stop.
Also and this is important. notice symmetry via the dotted line. That's the FIRST logical target area.
Next - if a price run up can break symmetry, that would be important because then odds favor a higher low on the next pullback - which could allow this falling wedge to morph into an Inverse H&S