I have been trading APOL for the last couple of days expecting it to fill the gap. Today it did fill but without me :(
ERY (Direxion Daily Energy Bear 3X Shs(ETF) is 3X short energy ETF. I went short ERY today which is same as going long 3X energy ETF.
ERY gapped up (see 5 min. chart) and formed a nice green bar. 2nd bar took the price further up and started the retracement back to ORL forming a nice doji and hammer on ORL, rallying back up near the ORH which now acted as resistance. Entered short when it formed some bearish bar on 5 min. and a bearish engulfing bar on 15min. Would have been nice if the engulfing bar was on high volume. Exited 3/4th of my position a little above 38.2% FE measured from ORH-ORL and am holding the remaining with a target of $24.80. Will see how it plays out. My swing position update can be found here.
No comments:
Post a Comment