VIX up to 19.9 with a 30% Gain?
On the 4 hr chart you can clearly see we bottomed around 12.
Divergence clearly bottomed.
Stoch RSI bottomed and has made the turn up.
We're at the bottom of a descending channel with a clear volume resistance at 19.9
My Move:
Entry: 14.00 (or less depending on the 5 minute chart tomorrow)
Stop loss at: 12.73
Sell 1/3: 16.68 (change Stop loss to 4% trailing stop at this point)
Sell 1/3: 19.9 (change trailing stop to 2% at this point)
Target: 21.57 (top of channel)
Profit: 52.2% averaged
Risk/Reward: 1:5.73
As always, I don't ever recommend anyone trade UVXY unless you're ok losing a LOT of money.
Divergence clearly bottomed.
Stoch RSI bottomed and has made the turn up.
We're at the bottom of a descending channel with a clear volume resistance at 19.9
My Move:
Entry: 14.00 (or less depending on the 5 minute chart tomorrow)
Stop loss at: 12.73
Sell 1/3: 16.68 (change Stop loss to 4% trailing stop at this point)
Sell 1/3: 19.9 (change trailing stop to 2% at this point)
Target: 21.57 (top of channel)
Profit: 52.2% averaged
Risk/Reward: 1:5.73
As always, I don't ever recommend anyone trade UVXY unless you're ok losing a LOT of money.