XLU - Bullish pennant getting ready to breakout for big run up!
Updated
A bullish pennant forming with a potential for a large breakout to the upside. See chart for pattern and price targets.
Trade active
Opened a synthetic long split strike position. Short put at 52 and long call at 53. If the trade goes wrong the split will give me a little downside protection to minimize my losses. Profit target is 55.Trade closed manually
Large bearish pinbar on daily so we may may see price rotate lower in the coming days. As a protective measure I have closed for a nice profit. I will consider re-entering if price drops and throws a new bullish price action signal.Trade active
We got the pullback I was wanting to see with some bullish price action on the 4H charts so entering long again with a split strike long synthetic. Low risk/high reward setup.Note
Bee playing XLU like a fiddle. Bought in low, sold high off the bearish pinbar, bought back on yesterdays low, and now close to previous high. Ready to ride this pig higher.Note
Large bearish pinbar on the intraday. Closing position and locking in yet another 40-50 cent scalp. Overall have scalped about 1$ out of this. I will continue to play the game, if price drops back to the pennant and throws a bullish pinbar I will be buying back in again.Trade closed manually
Dad of 5 • Dev • Candlestick Whisperer • Crypto class of 2019
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