Also, I'm still holding EWJ. This trade more than made up for my stupidity with XLK: I bought on 8/5 @ 7.45 and it's jumped every day in a nice trend. EWJ behaves much differently than any US index, so I'm looking for what I consider a negative sign and then I'll jump ship at close. But I want to ride it as long as I can - go go Tokyo!
Yes it is shallow, but I read somewhere, that when the pullback under resistance is no big and price is consolidating under resistance for a longer time without any big down-correction, then breakout has to be much more strong then if down-correction is larger and share has to go up longer way to break out resistance. It was writen in thought about equities and because I think ETF is only combination of equities, it can works too. That why I entered position in DIA (not in QQQ even QQQ was much more stronger - good for daytrade) I believe we will share ideas soon in private discussion room I am preparing and that this will improve our ETF trading .
Very good entry, I missed it as I do not track international ETFs and ETFs under 10 USD. What was setup idea ? Entry/Stop/target ? I think the trailing stop is now good idea - where is your trail-stop now ? I hope you will be sharing such ideas in the private ETF room I mentioned in last post (will send you info next week by priv.message).
This came from observing that EWJ is very sensitive to Boll Bands over the last year and so I took a chance with a tight stop. I figured it had a great risk/reward. And I'll be lookin'...
Closed DIA Long today. partially on 95, partially on 94.23 (trailing stop). I am not happy with it but last selloff was something I did not like.
I'm still in but with a pretty tight stop, but I agree with you: this is getting scary. This is such a languishing market. Nothing has any power behind it in either direction. It might also just be the boring a case of a "triangle turned rectangle."