2775 at 61.30. Now have 5550 at 68.68.
It's a pity that I never got a sell signal on Friday in the 81+ area. Would have gone short immediately and covered today around 61.30.
I don't have a price target to sell. As others have observed, these leveraged ETFs are really not good to trade using charts. Each day's price is based on the previous day and the further any two days are apart the more meaningless the original price is. Therefore, I have no idea at what price I will sell. I don't use charts for EEV. Here I've found momentum to be more useful.
For those holding at 80+ you only have two choices. Hold until you get your price back, however long that may be (possibly never). Or sell in a few days, after the bounce, and trade with what you have. I personally would take the loss.
Purely speculating--nothing I would trade based from--I would not be surprised to see EEV in the 90s or higher before the end of the year. I also would not be surprised if it broke under 50 by 12/19.
JWF, your posts have been very helpful and I have no doubt your signal system is quite reliable.
I'd just mention, however, that a sell signal did come across very clearly when EEV hit 81 early last Friday. That happened when EEV's %R, Mo, and RSI all maxxed out at the same time (5-day, 30-minute basis). I punched out of EEV then, and got back in before the closing bell on Monday.
Hopefully those same indicators will work as well on EEV's next top-out. If that happens to help you or any other people on this board, I'm happy to repay the favor for the very helpful information received.
you are correct about the charts. EEV (and other ETF) are about momentum......I was trading a 70-80 range. once eev left the range on the downside, i was screwed and i did not stick to me discipline and short at 80 on friday. instead i bought at 74+ and 70+. i sold this morning and went long at 61. should be a 2-5 pt bounce on tuesday. i wll use tight stops and hopefully the market correction will continue into wednesday.
I bought today at the close b/c the price is much lower than I thought it would go. Also, it is a safe bet to assume that tommorrow will be a sell off because the DOW hit the 50 day m.a, and usually after so much panic and fear in the market, the DOW will not just bust back through the 50 day and head straight up. I anticipate it flirting aroung with the 50 day for a while. EEV is good for a quick trade.
charts are setting up for a bounce
look for 71 - 75