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SOXL trade ideas

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
I know all the FUB but RSI do not lie. Soxl has never crossed below 30 rsi according...to the RSI 1 Day Chart. To me this looks like a signal. To be very cautious about puts right now and keep an open mind to a big reversal due to being officially oversold. ALSO the SPY has crossed Below 30 on the RSI which is more oversold than it was at the June lows bottom before turning around. So keep an eye on this. And regardless of the FUD...remeber before any bottom bottoms out and the next day is a rally you STILL here all the same amount of FUD and negative sentiment all over the place...its called click bait alot of it is at least..to attract attention to get views ect... stick to the technicals..
AMEX:SOXLLong
by Sawyer170
4
SOXL - all three hitsMid-week update on SOXL and observation that a bounce was about to happen, was expected with these criteria for something worth a look at: " The current gap range needs to be closed clearer and an immediate resistance (above yesterday's high, green horizontal line) needs to be cleared. Then a break into the next gap range above the next resistance (thicker green line) is essential. " So, the weekly chart is now indicative of a likely bounce given the bullish candlesticks Piercing Pattern . Technical indicators do not quite tell it... yet. The daily chart did almost what it needed to do. 1. It closed the late August gap (down); 2. It cleared the immediate resistance (green line); and 3. it broke into the next upper gap range by gapping over the next (thicker green line) resistance. Technical indicators crossed over or are about to cross over. Bullish, as all outlined criteria is accomplished. Now, it probably come back to test a resistance-turned-support. Hint here is that despite the bullishness, it still failed to clear out of the current gap zone. So, the resistance there is strong and perhaps another day it will break out. So, expecting a shallow retrace, and then take off. Meanwhile, a possible higher low on the weekly chart just might have been registered. Be nimble, be quick... be like Jack!
AMEX:SOXLLong
by Auguraltrader
4
Is it time to SOXL again?Hardly excited after a pretty decent bullish bounce in the SPY, SOXL similarly bounced, although it appears to be lagging somewhat. Is it premature, or is it bouncing? The SOXL daily chart shows the downside target just hit at about 12, at the beginning of September. Two days later a higher low was registered (this is clearer in the hourly chart). The bullish candle yesterday appears to suggest a possible trend change bounce; but risk management (especially for a leveraged ETF like this) prompts for more confirmation and better odds. Some boundaries are needed... The current gap range needs to be closed clearer and an immediate resistance (above yesterday's high, green horizontal line) needs to be cleared. Then a break into the next gap range above the next resistance (thicker green line) is essential. In fact, a higher high would be much appreciated. These sound like a tall order, but it is opined to be necessary. Particularly since the daily technical indicators have not yet crossed over, so the downdraft might not yet be over. Having said that, the red support line below the last (higher) low must be maintained. If broken down, price should easily go below 11. The breakdown probability is rather significant currently, although going below 11 is not yet a major risk. Conclusion... potentially a bounce, perhaps equal probability to be at the start of some sort of consolidation zone, or less likely a pause to dip much further down. Watch closely, be ready and nimble...
AMEX:SOXL
by Auguraltrader
1
Soxl Strong support forming at 12.15 area. Upper reistance of symetrical triNgle is 19$. Breaking that level and closing above could target us 30$ We got a bounce so far, wouldn’t surprise me to roll and retest the symetrical triangle support once or twice more so be mindful of that support. Overall it could be consildation before a nice big move up but still needs more time to creat the pressure between the range If by chance we lose 12$ I’d be targeting 10$ zone as second support
AMEX:SOXLLong
by Erictaylor
SOXL reversal from bottom LONGAMEX:SOXL On a 30-minute chart SOXL, a triple leveraged bull ETF for semiconductors is now in an early uptrend. The semiconductor sector may be challenged but stable economics from its industrial customer bases may be steadily rising. The chart shows recent horizontal resistances from pivot points and an overlaid volume profile. For the long trade, I will set a stop loss for a 3% risk while setting targets of $15.85 , below the Fib 0.5 $ 16.8 below the top of the high volume area of the profile and final take profit at $21.3 just below the double top of August 5th and 12th. With tiered take profits, this looks to be about 30% upside overall with a very safe ratio of risk especially if the stop loss is raised above the entry on the first leg of the uptrend.
AMEX:SOXLLong
by AwesomeAvani
SOXL Oversold ready for a bounce back?Looks like it's down to the 30 RSI the oversold level. Each time it has met this it has rebounded back up. It rarely ever had crossed below the 30 maybe 1 or 2 times in the past 5 years on the daily chart. I'm wondering if it's a good time to get some very very cheap discounted call options while their still oversold. Their could Definitely be more down side but not forever if their is a time for soxl to come up it would be right around this time according to the RSI. What do you think?
AMEX:SOXLLong
by Sawyer170
SOXL - until further noticeThe SOXL Weekly chart had a recent wedge breakout that was progressing well, until it did not. A retracement started three weeks ago now looks like it resumed a bear trend. The daily chart shows how this happened over the last two weeks, where opportunities failed and breakdowns led on more breakdowns... a strong attempt to reclaim 19, and break above the 55EMA failed. This was followed by a giant bearish down which followed through with to gap down and break down critical support level at 14. As did the technical indicators show, a cross into bearish territory. Projected downside target 12 was reached and a quick bounce ensued, only to be overwhelmed by a bearish Friday candle. Taken together, SOXL is bearish for now, and the recent breakout (into a bull trend) is invalidated. In fact, more downside is projected, with the immediate downside target to be the last low at 10.50. Watch this level closely, as it would be telling...
AMEX:SOXL
by Auguraltrader
SOXL - window closes, brace for bounceFrom the last post, The daily technical indicators appear to be turning upwards and the early part of the coming week is expected to show a bullish hand, that probably leads to the rest of the projections into September where it should meet the weekly 55EMA. Watch for it! The window closed rather immediately after :| The analysis projection totally did not happen for the week, and yesterday SOXL gapped down, after breaking below the daily 55EMA. The price action is enough to tell that there is a clear trend change, and the technical indicators support it. In addition, it appears that there is a triangle breakdown, and this projects a downside target of about 12. Immediate support is seen at 14. Expect downside, watch the support lines and wait for it... again
AMEX:SOXL
by Auguraltrader
6