Resting order to rebuy BITO @13.11 Cancelled this order. Will re-evaluate if price does move back toward the lows of the day.
Since I got flat today on the positions I was in before starting this thread, and unless there are any questions or comments, I'll forgo commenting on today's sales. I guess I should have waited a day to start. It won't surprise me if we make a move back toward December highs, but my baseline assumption is that we won't break those highs before we go lower or settle into a range. Subject to change as things unfold, of course.
Short XLK @128.54 CURRENT HOLDINGS Short - XLK WATCHLISTS Long - FCG, BITO, KWEB, OIH Short - ARKK, ARKW, BLOK, TLT, WEAT
Just some unsolicited commentary here. I'm expecting a bounce from the current level (XLK ~127.50) that could very possibly move through my entry price and into today's gap. If I was day trading, I'd cover here. If the bounce develops, I then have to decide whether I want to add to the position, cover, or hold tight.
Just some short comments and a couple charts (daily and 1hour) to show what I was looking at for the XLK short entry. Note the divergence marked on the daily chart with a red bar above the volatility plot in the top chart pane and a green bar above price. On the hourly chart, note that we gapped down through a volatility "level" and then bounced off of the second one (yellow lines). The levels defined by these volatility swings are not always actionable, but they are definitely levels to watch and add to the mix of information. This trade was based purely on the chart pattern and my read of the overall market conditions. I'll need to see some momentum develop soon to justify holding. If interested, post or pm me with questions and/or comments.
Moved my stop down to 130.06 and taking the rest of the day off (with mobile in hand). Looks like it could be one of those grinder Fridays, up all the way to the close.