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DIREXION SHARES ETF TRUST

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SOXL trade ideas

SOXL Watching for Bounce at Resistance On the 15M chart, SOXL and price are approaching the resistance zone at 13- 14.5 While it is possible that resistance could break, the pattern of the past two months is that it will not. Accordingly, instead, I will watch for a reversal bounce off resistance for a swing trade short to the downside targeting the point of control line ( dark green ) inside the green support zone as the final target with the anchored VWAP ( black line now at 9.25 with the first target being the VWAP ( black line ) and the second target one standard deviation below VWAP ( light green line ); Overall taking off one-third of the position at each target and expecting 30% overall over about two weeks. An alternative is put options with 4 weeks expiration at $14.00 and another is to take a long trade on the inverse ETF SOXS.
AMEX:SOXL
by AwesomeAvani
4
rising wedge semiconductor longshort semiconductors are on the verge of breaking down, and basically if we stay over 12.20 soxl im aiming for daily gap close, or near 12.86 . if we break this ascending tightening range to the downside and more or less double top 4hr resisting from top of envelope, around 12.30s or lower, im looking toward 15 minutes demand zone in low 11s maybe 11.30. short squeeze in semiconductors, or failed bull breakout. even if longs win, im selling rallies on the daily by buying soxs on dips to weekly lows, or new weekly lows (keeping in mind the s&p can still resist from 4000 or slightly higher/nvda can sell off $160, 162.5, 165).
AMEX:SOXLLong
by cerealpatterns
5
SOXL | Semiconductor Bull 3x ETF | LongThe fund invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, such as swap agreements, securities of the index, and ETFs that track the index and other financial instruments that provide daily leveraged exposure to the index or to ETFs that track the index. The index is a rules-based, modified float-adjusted market capitalization-weighted index that tracks the performance of the thirty largest U.S. listed semiconductor companies. The fund is non-diversified.
AMEX:SOXLLong
by DivergenceSeeker
4
Not the buy point yet!!!First off, please note that this is not a good investment instrument. The leverage, and management fee, and volatility are just not for value investment. You need to buy it at the absolute low to profit. Anyone to buy this EFT need to be very cautious. Secondly, using an options strategy may help, but the liquidity is a big concern. You pretty much see a loss at the moment you execute an order. Well, after the BAD news from AMD, we will probably see more downside in the semiconductor sector. Will it dip and lower than the 2020 March low? Maybe. Although I do hold some hope that that case won't happen but who knows? My best bet is that the low will be somewhere between $4.5 and $5 if you are looking for a long-term holding of this EFT. For short-term, it will do it usually thing jump up-and-down between $8 and $12. So here is my strategy Buy 01/17/2025 $9 PUT & Sell 10/21/2022 $8 PUT (Diagonal Put Spread) Buy 100 Shares @ $9.2 & Sell 10/21/2022 $11C Call (Covered Call) Buy 10/21/2022 $10/$12 Debit Call Spread. For the total price $920 (stock) + $350 (option contracts) = $2190 Expect profit/loss is somewhere between -$100 (if -15%) and $350(if +30%). The loss may be reduced with the "Roll" strategy, i.e. the short PUT needs to be rolled lower and later if the stock price hit $8.0. This strategy reduces the risk and maintains the profitability. I hope you will like it.
AMEX:SOXL
by yungyeh
2
SOXL might be overextended & blowing off soon; not yet but soonMonths ago, SOXL came into the radar, and as it broke out, it also failed along with the rest of the markets. There were many clear opportunities on both sides. SOXL has more than halved its value since its last high. Is it over extended to the downside - yet? Short of the lack of a higher low, and being way ahead of the curve, SOXL appears to be having a bullish divergence in both the Weekly and Daily charts. Notwithstanding, it is still in a deep downtrend. Just look at the Friday candle, it is a clear and present Dark Cloud Cover, which suggest more downside to follow. Targeting the next and possibly last downside target is 5.60. And then it might be time to watch for the price movement to realign to the bullish divergence, if it does when it reaches at that time. But for now, it is just a heads up... Stand by!
AMEX:SOXL
by Auguraltrader
The world no longer needs chips! LOLThis is in my opinion like buying oil stocks in the march 2020 crash. Semis to technology is like oil to transport. The world will not survive without either. So I place my long here today confidently regardless of the next few weeks or months. I will hold this until we re-reach our previous ATH which will be sooner than most anticipate. I expect by 2025 this will rereach those highs and achieve a much higher value by 2030. This is a serious chance to change your wealth status. Buy red sale green as always this is not financial advice. Do not be short-sided with this dip. Get in front of big money. Retail is gone from the markets, now all that is left is big money to choose their picks... high probability this bounces soon major.
AMEX:SOXLLong
by ilike2yolo
2
SOXL / SMH - CREATING A BULLISH REVERSALBACKGROUND: SOXL (3x ETF) created a great reversal pattern back in JUNE - JULY 2022. It's tempting to ignore it because it ultimately failed on 8/26/22. Nonetheless, it was a great technical entry point when the price broke above $17. CURRENT PRICE ACTION: The reason I'm pointing out what happened in JUNE - JULY is because SOXL ETF is forming another BULLISH reversal (early stage) having just passed above last Friday's (9/30) high and entering back into the $9.50 - $10.50 range. The two previous reversals (8/26, 9/13) had failed. Yet the job of a trader is to not HOPE or PREDICT, but rather TRADE the signals and MANAGE RISK ACCORDINGLY . GAMEPLAN: I'm watching if the price closes above $10.35 (approx.) within the next few days. I'm anticipating some price action around this level. Any close above $10.35 can follow with some pullback. In fact this is a GREAT entry point for the bears if we were to follow trend alone. However, the reversal that happened from $9.50 and the bounce that's happening on the NASDAQ (potential double bottom) can signal a potential reversal in the market (short-term). There are two potential bullish reversal scenarios: 1. Straight up(rare) 2. Chop sideways and build a larger reversal base (as happened in JUNE - JULY) LOOK-OUT FOR: What comes out of the FED emergency meeting. As mentioned in my previous post on the status of the DOW JONES - I think the analysts at the FED see the same. The FED will either blink and change its' stance or the market is taking another big leg down... Be safe all and thank you for reading.
AMEX:SOXLLong
by andremkv
2