In the long overdue process of updating the trade ideas today, I came across XSD (semiconductors etf). XSD was posted as a long trade setup back on January 8th stating: XSD will be added here as a trade setup with targets & stops TBD once/if a long entry (solid breakout on volume or a close above the pattern) is triggered. SOXX & XSD weekly charts.
As I never took this one personally, it had fallen off my radar so I never followed up with the suggested targets. However, XSD did go on to make a breakout above that pattern on extremely high volume on Jan 16th and also made a solid close above the pattern following week, thereby triggering & confirming the long entry. In looking at the charts, XSD (and the $SOXX semiconductor index) is now at significant resistance while up just over 14% from the entry price and therefore, I would considering booking full profits or at least raising stops if you took this trade. As the R/R no longer favors remaining long, this trade will be considered completed. The previous posted weekly charts for XSD & $SOXX along with the updated weekly charts are below:
