Long VVX Short Play
Updated
All I care about here is that green dotted resistance line. Once we can get a 30 mn candlestick to close above that line then we can setup a long trade. If the candle never closes above I don't to trade it. Heres why I think this has a chance at rallying.
1) Closed red on the year just a few days ago, first time in a long time.
2) Sentiment in market is fearful, thats why you see the VXX reatracing not selling off.
3) Continuation Flag pattern here
4) Fading Volume in the downtrend (weakness + trend reversal clue)
5) A lot of support at 20.50
Keep a tight stop below whatever market structure is created tommorow. But once again, we don't want to go long unless we close above/ violate that green dotted resistance line.
1) Closed red on the year just a few days ago, first time in a long time.
2) Sentiment in market is fearful, thats why you see the VXX reatracing not selling off.
3) Continuation Flag pattern here
4) Fading Volume in the downtrend (weakness + trend reversal clue)
5) A lot of support at 20.50
Keep a tight stop below whatever market structure is created tommorow. But once again, we don't want to go long unless we close above/ violate that green dotted resistance line.
Note
Typo in the title. I meant VXX not VVXTrade closed: target reached
if you went long, chances are youre swimming in money right now.
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