Although I am not allowed to take longs in stock market now with the SPY and QQQ under their 21 emas , I have decided to try modifying my rules to still allow for commodities related longs .As long as they maintain overall low correlation to the market , I think its very reasonable to try out some commodities long bets even the market in RTM mode ( red trading mode ) .
I could be wrong on this , but my linked research ,though fairly basic, I think supports the idea that QQQ and SPY below their 10/21 ema's might not reduce odds in this setup since the correlation of DBC VS SPY is very weak currently .
So , that being said I decided to try out UGA because I sort of think that gasoline is probably going to march higher still .
I see breakout of downward wedge / drop n pop setup
Entry 55.95
Stop 54.74
PT 58.54 ( de -risk )
I could be wrong on this , but my linked research ,though fairly basic, I think supports the idea that QQQ and SPY below their 10/21 ema's might not reduce odds in this setup since the correlation of DBC VS SPY is very weak currently .
So , that being said I decided to try out UGA because I sort of think that gasoline is probably going to march higher still .
I see breakout of downward wedge / drop n pop setup
Entry 55.95
Stop 54.74
PT 58.54 ( de -risk )
Trade active:
I had the de risk point over 2R in error (smartphone entry) so I just de-risked down here with a fill at 58.41 ( 2R )
Comment:
Just sold a small amount of remaining shares here at 67.37 ( 3rd time testing these highs and looks like hesitation, and XLE looks ready to lose stage 2 maybe... )
Comment:
at this point I am down to just under 1/3 of original shares and I am going to just sell the balance on a close under 21 ema
Comment:
stop updated to 71.48 on balance ( just under LOD ) , today we wedge dropped . Giving it that final chance to recover and if it does recover I will add a new position on the next wedge pop close
Trade closed: stop reached:
out of the balance this am on stop
艾力克~
Just sold more shares , however at 60.56 , still holding just over a third of my shares and will exit on a close below the 21 ema on balance