Looks like a reasonable place to long, pattern completion, around key support, consumer staple in face of recession... ill try.
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First target here is 15 to 1 reward ratio.
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VERY conservative targets are still high risk reward, at the 236 and 382fibs... if youre a pussy.
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Not feeling volatile enough for a bottom.... maybe it gaps up tomorrow but im sticking with my spidey senses that this is going lower.
Im out... break even minus ripoff trading fees.
Im out... break even minus ripoff trading fees.
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So if this doesnt hold, things get really ugly IMO.>>>>
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Now were starting to get some structure.
I would be a buyer of a pull back, which i think is likely. perhaps not new lows, but yeah, will watch rsi for an entry.
I would be a buyer of a pull back, which i think is likely. perhaps not new lows, but yeah, will watch rsi for an entry.
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So that was the pullback, stoploss 33.20
no idea if this is the bottom but it very well could be...
no idea if this is the bottom but it very well could be...
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I didn't allow stop loss to activate, instead I doubled down at 33.08..
Also bought some dominion energy.
Also bought some dominion energy.
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Why? because of heinz compared to XLP. Not only do i believe heinz is at support on its USD chart, but also vs XLP.
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I added even more down here.
so the wave structure looks like a 5th wave completed... as markets move down it is showing strength now and moving up. Inversely correlated as it has been all year, but now it is a good inverse correlation lol.
so the wave structure looks like a 5th wave completed... as markets move down it is showing strength now and moving up. Inversely correlated as it has been all year, but now it is a good inverse correlation lol.
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This specific double bottom pattern on XLP / XLY has been ingrained deep in my brain. I will never ignore it again.
XLP is consumer staples vs XLY consumer discretionary.
XLP is consumer staples vs XLY consumer discretionary.
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Also looking for KHC to outperform energy/oil during this time, at least for awhile.
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Low timeframe wyckoff?
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Exited 33.64 for reasonable profit. Looks like this may break the lows, will know soon. keeping an eye for more long opportunities.
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Prefer we go to 32.80 at least before i buy anything.
if it doesn't get there i just miss the boat.
potential inverse H&S forming low time frame.
if it doesn't get there i just miss the boat.
potential inverse H&S forming low time frame.
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The recent scam pump changed everything.
new view.
new view.
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I have realized my mistakes, i made money elsewhere so im getting back in around the same price i got out.