XBI has been in a strong uptrend recently. For the past few days its been consolidating around 79.5. And I'm hoping to trap some of the buyers that took a long position on the move higher this morning.
Seems like we can trap some of the people that shorted below the most recent low. I put this trade on awhile ago, but can still get in at a good price.
GDX price wandered down below structure support and failed to find sellers to push it lower. I'll be looking for this to return back to the top of it's consolidation range and will think about letting it run to my second target if it has some good momentum on it.
We can see an inverse head and shoulders pattern on the hourly chart. Due to the weekly macd negative momentum and the longer term downtrend, I would think it's more likely for price to consolidate for a bit rather than move higher right now.
TLT appears to be setting up for a trend reversal. After the failed attempt of sellers to drive price lower than the 121 level, I have entered a long position.
XBI had a failed attempt to move higher a couple weeks ago and didn't fall back down to the previous low level. This suggests to me a possible triangle formation forming. I will be looking to short if it can get back up to the 71 level and have buyers fail to drive the price higher.
SSO has been consolidating at highs for the past several days. Today is gapped lower and pulled back to the previous consolidation level. This could very well be a false breakout, but I couldn't pass up such a good risk/reward ratio.
XBI has tried for the past couple of days to move higher and has failed. The intermediate term trend is lower and I like the chances to continue lower for the next couple days.
