Thoughts....
I apologize for not being around in the past week. A few things came up, and I didn't want to waste everyone's time with a poor review for the week. I've included a few setups in the post tonight that I feel offer a lot of reward with minimal risk. They are all based on intraday charts. To see the full chart, click on the picture.
As the "Sentiment" chart indicates in the "Index Watch" post, we are currently in an area where the majority of the risk is with the bears. A hard push lower off the open or in the AM should be a good opportunity to cover shorts and establish some long positions. Personally, I'll be focused on the ETF setups posted below.
I don't have time to post the charts, but here are a few short term "Double Bottom" setups:
VLCM - $9.45 (Target $13.25)
FARO - $13.82 (Target $16.90)
GLNG - $5.00 (Target $7.50)
SAPE - $4.05 (Target $5.80)
EXEL - $2.89 (Target $3.90)
If you aren't willing to use TIGHT stops (i.e. 1/4 to a 1/2), it would be a good decision to avoid the trade. I'll only do them "if" they get to the level I'm watching in the next day or two. Also, if they don't reverse in a timely manner, I'll bail out of the trade because they will likely fail.
As the "Sentiment" chart indicates in the "Index Watch" post, we are currently in an area where the majority of the risk is with the bears. A hard push lower off the open or in the AM should be a good opportunity to cover shorts and establish some long positions. Personally, I'll be focused on the ETF setups posted below.
I don't have time to post the charts, but here are a few short term "Double Bottom" setups:
VLCM - $9.45 (Target $13.25)
FARO - $13.82 (Target $16.90)
GLNG - $5.00 (Target $7.50)
SAPE - $4.05 (Target $5.80)
EXEL - $2.89 (Target $3.90)
If you aren't willing to use TIGHT stops (i.e. 1/4 to a 1/2), it would be a good decision to avoid the trade. I'll only do them "if" they get to the level I'm watching in the next day or two. Also, if they don't reverse in a timely manner, I'll bail out of the trade because they will likely fail.
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