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Direxion Energy Bull 2X Shares

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ERX trade ideas

Direxion Energy Bull 2X Shares | Chart & Forecast SummaryKey Indicators on Trade Set Up in General 1. Push Set Up 2. Range Set up 3. Break & Retest Set Up Notes On Session # Direxion Energy Bull 2X Shares - Double Top | Mid Section | Range Structure 1 - Strong Perfomance 1 | Support Area 1 - Wave 1 | 12345 | Impulsive Contraction - Retracement - Double Bottom | Mid Section | Range Structure 2 - Strong Perfomance 2 | Support Area | Neutral Active Sessions on Relevant Range & Elemented Probabilities; London(Upwards) - NYC(Downwards) Conclusion | Trade Plan Execution & Risk Management on Demand; Overall Consensus | Neutral
AMEX:ERX
by P-Ment4U
ERX a leveraged ETF reflects the energy sector rise LONGERX as shown on the daily chart shows a VWAP band breakout into the mean VWAP from the lower VWAP lines coupled with a rising momentum on the PMO targeting 72 as the YTD pivot high. Given this is a leverage play in the supertrend shift in a major sector I see this as a low risk moderate reward potential type of trade I will take this trade long expecting to reap simple modest unrealized profit. The stop loss is @ 58.6 while the upside is 10%. Please comment if you need more details or are requesting a call option setup specifics. x
AMEX:ERXLong
by AwesomeAvani
ERX Energy Leveraged ETF LongERX is a bullish leveraged ETF for the energy sector similar to XLE. On the 30 minute chart, the supply and demand zones are displayed from the Luxalgo indicator. The midline between them is the red line which is confluent with the POC line of the volume profile. On the prior down trend last week, price got support from that line and bounced back to the supply zone above. On the present down trend price broke the line which has now become resistance. At present it is sitting on the demand zone and bounced off it into a reversal this morning. The Zero Lag MACD confirms this with rising K and D Lines crossing the zero line and the histogram flipping positive. My long trade is targeting the redline between supply and demand zones @ $ 60.25 while the stop loss is at the top the demand zone at $ 58.15 From an entry of $ 59.15 this is $ 1.00 of risk for a targeted reward of $ 1.10 making the R/R essentially 1:1 I see this as a safe long trade with low risk and low reward.
AMEX:ERXLong
by AwesomeAvani
ERX Energy Play Head and Shoulders BearishOn the one hour chart, ERX ( triple energy ETF) completed a head and shoulders and is now downtrending with a crash through the EMA 100 and EMA 200 and now one standard deviation below the VWAP. The Momentum Indicator shows downside momentum is greater than it has been in recent months. The inverse ETF called the ERY would be expected to be the inverse of this. The XLE would be similar but not triple leveraged. This appears to be setup for a good long term swing short or a put option expiring in late January or February.
AMEX:ERXShort
by AwesomeAvani
ERX making Diamond & wedge; will it hold with island reversal?ERX Energy ETF made a diamond pattern. If this is a continuation pattern, In most cases price go down first to retest bottom before going up again. Then most probably, ERX may make an island reversal pattern & recover the black uptrendline. The greater wedge pattern must also hold. Then US economy continues to avoid a recession. If this is a diamond reversal pattern, then the wedge & the next horizontal support line may also fail. This may signal a coming recession or high expectations by the market participants. Watch out foe price action in the coming days. Not trading advice
AMEX:ERXLong
by xtremerider8
ERX - Direxion Energy Bull.... or rather, "bear".It looks to me like ERX (Direxion Energy Bull 2x ETF) is ironically forming a very bearish outline which seems to coincide with other bearish indicators for oil and equity markets. What's interesting here is the coexistence of a rising wedge form (highlighted in orange) with what appears to be quite a tidy Elliot wave count. There is a pretty clear set of 5 major waves dating from August 2021 when the market produced a triple bottom and began to rally. There may be alternate counts here but I do think they will all arrive at the same conclusion that wave 5 is in. Since the end of 2021, there is also a set of 5 secondary waves which correspond to the primary wave 4. Furthermore, this set of secondary waves appears to form a rising wedge which I have highlighted in orange. Shorting leveraged ETF's is often risky but it does seem that this correlates with other moves taking place on the market. For instance, EXXON is displaying a rising wedge. Chevron also seems to be forming a rising wedge after an earnings miss. These correlate with the rising wedge I describe in this chart and my suspicion that wave counts may also correlate. Again, I emphasise that shorting leveraged products is risky and as always, do your own research, manage your risk properly and be careful with picking entries. If you are interested in the market-wide phenomenon I have described here you may be interested in my other recent ideas which all examine aspects of the same phenomenon. Additionally, I am open to other interpretations & advice on how to count this so comments are welcome. I believe that the rising wedge here adds weight to the view that we have just had Wave 5 in the energy and oil markets and that a correction is en route.
AMEX:ERXShort
by RogueEconomics
5