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SOXX SOXS Trade Update

SOXX (PHLX SOX Semiconductor Sector ETF) is currently backtesting the primary uptrend line from below, offering an objective add-on or initial short entry. Previous notes & charts on the SOXX/SOXS Active Swing Trade can be viewed here.

SOXX daily April 19th

SOXX daily April 19th

Note: The primary uptrend line has been slightly modified (lowered) since the previous posts. The previous TL draw would allow for a little more upside in SOXX before a full backtest & either TL draw could be valid. Not that it should have any bearing on anyone's decision to open or add-to a short position on the semis but I just added short exposure to the semiconductor sector, including a few individual stocks which I'll post chart on asap, as it still appears to me that the semiconductors are poised for a substantial correction in the coming months.

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Apr 19, 2017 12:03pm|Categories: Completed Trades - Short|Tags: , |3 Comments

3 Comments

  1. jamesp April 19, 2017 6:20 pm at 6:20 pm

    Randy question for ya, I’ve tried recreating that bottom white trendline in freestockcharts which I believe is the same program. However, I cannot get it to match yours. I’ve done it with candlesticks. Do you have a section where you talk about your settings? Really scratching my head on this one as I am short some semis and the sector.

    thanks

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    • rsotc April 19, 2017 9:06 pm at 9:06 pm

      @Shambo is probably correct. Make sure that you are on a daily time frame & that you have selected log scaling as arithmetic scaling will render the trendlines much differently on a stock or ETF with a relatively large price differential from the lows to highs, such as SOXX. After confirming those settings, position the TL to capture the bottom of the Feb 11, 2016 candle as well as the bottom of the Nov 10, 2016 candle & it should align with the TL that I posted in the chart above. If not, let me know we’ll figure it out.

      I have covered my preferred chart settings on many occasions over the years in both videos & written posts but would have to try to find some of those for you as they would be buried in thousands of front page posts & hundreds if not a thousand or more videos. I’ll jot down a note to do so asap or maybe I’ll just start working on a series of short videos on chart settings that should apply to most charting platforms.

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  2. Shambo April 19, 2017 8:05 pm at 8:05 pm

    one thing is to try changing the scaling from log to arithmetic

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