[UVXY] If You Were Following Along, You Def Made Some $$$!
I gave up on a gold color TP and switched to purple.
The first 2 TPs were when this spike first started and will now act as decent S/R for the drop back down.
The next 2 TPs were our revised targets in case we blew past the first ones (good thing we were prepared!).
We hit TP 3 and 4 Sep 3rd and then TP 4 again Sep 4th, which really would mean scalping this top almost perfectly. You could even sell another chunk at TP 3 again on the way back down depending on your scaling out strategy.
As predicted, crossing the magenta line (core 6M S/R) was very likely to create a bigger spike, it was a fantastic final buy opportunity signal before switching to selling strategy.
I dulled out the old supports but left them there for reference purposes and added a single new downchannel. This will take us right to TP 1 and 2 S/R where the drop will slow and we'll grind down to my green box there where we can load up for the next spike.
We'll dial that in more precisely as we get closer!
Also, we will almost certainly see $30 again before we see a close below $19.
Volatility Matrix (UVXY/VXN/VIX/VVIX): All signs pointing to SELL
Channel of Profit (VIX/VXX): All signs pointing to substantially increased chances of volatility
Golden Volatility Ratio (VIX/VVIX): Ratio has reclaimed it's mid May to Mid July supports
Happy harvests! B)
PS: We may get one more brief volatility spike on Tuesday so keep an eye on those TPs but ultimately it will grind back down.
The first 2 TPs were when this spike first started and will now act as decent S/R for the drop back down.
The next 2 TPs were our revised targets in case we blew past the first ones (good thing we were prepared!).
We hit TP 3 and 4 Sep 3rd and then TP 4 again Sep 4th, which really would mean scalping this top almost perfectly. You could even sell another chunk at TP 3 again on the way back down depending on your scaling out strategy.
As predicted, crossing the magenta line (core 6M S/R) was very likely to create a bigger spike, it was a fantastic final buy opportunity signal before switching to selling strategy.
I dulled out the old supports but left them there for reference purposes and added a single new downchannel. This will take us right to TP 1 and 2 S/R where the drop will slow and we'll grind down to my green box there where we can load up for the next spike.
We'll dial that in more precisely as we get closer!
Also, we will almost certainly see $30 again before we see a close below $19.
Volatility Matrix (UVXY/VXN/VIX/VVIX): All signs pointing to SELL
Channel of Profit (VIX/VXX): All signs pointing to substantially increased chances of volatility
Golden Volatility Ratio (VIX/VVIX): Ratio has reclaimed it's mid May to Mid July supports
Happy harvests! B)
PS: We may get one more brief volatility spike on Tuesday so keep an eye on those TPs but ultimately it will grind back down.
Data analyst with a passion for best fit lines B)
التحليلات ذات الصلة
I expanded it in my revision, think I just got a bit excited haha.
I still stuck to scaling in everything under that 21.70 TP line though so really not a huge deal here, just carrying some risk for an extra few days.