ERX XLE Bullish Falling Wedge Pattern

ERX/XLE looks poised to run up to some & possibly all of these near-term resistance levels should prices break above this falling wedge pattern. Personally, I'm still keeping things light, trying to refrain from establishing any new positions while the market continues to gyrate within the choppy/sloppy trading range over the last month or so.

Swing trading when the market is in a choppy trading range is often quite difficult & frustrating as false breakouts/whipsaw signals are fairly common. During sideways/choppy markets, I find it best to either stand aside and or keep position sizing small while being extra selective on which trades to take and/or moving to a very short-term trading style, looking for trades with relatively shallow price targets and expected holding periods measured in hours or days, not weeks or months, as with typical swing trades.

With that being said, I did want to pass along this unofficial trade setup for those interested. The levels shown on this ERX 60-minute chart are the actual resistance levels. Best to set your sell limit order a few cents below your preferred target(s) if you decide to take ERX (or XLE, DIG) on a breakout.

ERX 60 minute June 3rd

ERX 60 minute June 3rd

2017-03-08T21:20:25+00:00 Jun 3, 2015 10:50am|Categories: Uncategorized|Tags: , |Comments Off on ERX XLE Bullish Falling Wedge Pattern