SPXL bouncing at .618 & .5 retrace area BOUNCE?MODs have suggested that I provide more detail about the picks I make.
Sorry. I'm not as verbose as y'all, and I don't like things to be complicated.
My trading plan is very simple.
I buy or sell at top & bottom of parallel channels.
I confirm when price hits Fibonacci levels.
Bonus if a TTM Squeeze in in play.
I hold until target is reached or end of year, when I can book a loss.
So...
Here's why I'm picking this symbol to do the thing.
Price at bottom of channel (periods 52 39 & 26)
Stochastic Momentum Index (SMI) near oversold level
VBSM popped negative
Price at near.618 and .5 Fibonacci level
In at $159.7
Target is $173 or channel top
Stop loss is $153