ERX LongI am an amateur trader. I sometimes enter into trades. Other times it is only an analysis. Trade with your own risk awareness.
ERX trade ideas
ERXEducational purpose, not a recommendation.
Expect a 5% move $59 ~ $60 within a couple of weeks with a close stop-loss of 2%.
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.
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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.
Action ERXIf the price breaks out the green line and above of the SMAA 10, the take profit will be 80.51
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.
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
ERX setting up for THE golden cross?? Look at the HUGE death cross coming to a close to possibly break out into the next golden cross that could be a major run up. This has taken YEARS to form!
ERX ENERGY on rocket fuel: Complete Trading planERX is now doing abc of wave 4. After this temporary abc retracement completes the wave 4, the final wave 5 will start.
See my 2 projected targets for take profits. Set trailing cutloss on previous pivot lows.
Crude oil & Natural Gas will have more upside after this retracement.
Not trading advice but this is just a “thank you” guide for my loyal followers.
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.
ERX Projection Supporting Bullish Canadian DollarGab to fill below and continuation of bullish channel should support bullish thesis. The petro dollar CDN should track closely as well.
ERX bullish on energy Playing a multiple bottom. Energy has been trading down while the rest of the market has been setting new highs leading me to believe this sector has been overlooked. Usually Id wait for price to break the 50EMA but with the multiple bottoms showing a strong support level, I believe entering now before the bullish EMA cross over is not that big of a risk.
Long play on ERXPrice has formed multiple bottoms on the lower trend line which has proven to be quite stable. As you you can see on the charts, the price pattern has started to form a wedge. The wedge pattern, the multiple bottoms, and price testing the 50ema, leads me to think this is setting up for a bullish run.
oil - ERX- are we heading north ?oil - ERX- are we heading north ?
is testing major support line in 12.75. can we trust the upside due to oil-data today.?
double bottom when 15 is taken out.
