In updating the trade ideas, the following Short Trades have either hit one or more profit targets and/or exceeded their maximum suggested stop with all associated posts to be moved to the Completed Trades category where they will be archived indefinitely for future reference: XOP/GUSH: Hit the first target for a quick 10% gain (on XOP/~30% on GUSH) back on May 13th & embarked on a multi-month extended sideways trading range from there, coming within ~1½% of the final target, T2 at 31.77 on three separate occasions before a very brief run above the suggested stop of 38.28 last week (as [...]
This video covers the Active Short Trade Ideas on Right Side Of The Chart, along with a brief highlight of today's breakdown of QQQ, including some objective levels for shorting the broad market.
Regarding the recent comments on DRIP in the trading room whereby several traders just recently had their stops taken out, it looks quite likely that there might another shot at an XOP/GUSH short or DRIP long on a break below this Ascending Broadening Wedge pattern (purple uptrend line). The negative divergences in place warn of a likely breakdown & it appears that the recent ramp & crude & the energy stocks was intentionally orchestrated to just barely run the bulk of stop loss orders on short entries that were taken on the recent break of the rising wedge pattern (yellow uptrend [...]
Despite crude prices rallying over 10% in the same time period, XOP is only up about 3% since the 4/29 short entry. As I had apparently neglected to list a suggested stop earlier, the official stop for the XOP/GUSH trade will now be set to any move above today's high of 38.28. XOP 60-minute June 8th Despite the recent new reaction highs in crude & XOP, I still believe the odds are good that XOP will reach the final target (T2 at 31.77) before taking out today's earlier highs. An update of XOP would be incompletely without taking into [...]
The following Active Short Trade ideas are covered in this order: ADP, AG, AMZN, BRKB, FL, GDX/NUGT, XOP/DUG/GUSH, PCLN, & USO/UWTI.
Although XOP has essentially traded sideways since breaking down (as with the broad markets), I still favor a resumption of the downtrend to the T2 final target of 31.77. A break below this most recent minor uptrend line could be the catalyst for the next wave down. The second 60-minute chart below presents an alternative view of XOP showing a symmetrical triangle pattern which could break either way. Whether my call for more downside in crude oil plays out or not will likely determine if my XOP scenario continues to play out or not.
XOP (Oil & Gas Exploration & Production ETF) hit the first target (32.20) on Monday followed by the typical reaction that occurs when a price target is hit & now appears poised for another thrust down towards T2. At the first target price, that provided a gain of 10.1% on the XOP short or a gain of over 30% on my preferred shorting proxy, GUSH (3x bullish Oil & Gas E&P etf). Original & updated 60-minute charts: My expectation for XOP remains a pullback to at least the 31.70/80 level & quite possibly a backtest of the primary downtrend [...]