I believe X to be near completion of bottoming pattern-possible drop lower so I'm hedged with a few puts but building longer term bull position- looks really good in my opinion. The top indicator is volume.. historically significant.
Note
back to 11's and why I recommend a put hedge. Thankfully I took my own advise. We'll see if we can find support down here somewhere now.Note
*added 2021 calls low 11's, still holding a put for cushionNote
Today was a big down day on X but looks all the better to me. I cleaned up the trend a little to demonstrate good entry's as well as exit's. I'm not sure how much further down it goes. I added just a little in 2021-2022 calls in the 15-17 strike range. I couldn't help but notice that the % shares short are higher than 32% last I checked! That is a tremendous amount of short interest.. Note
using a linear moving average in volume while using renko to identify price movement really brings about some HMMMM moments. I once believed volume was useless or incorrect with renko charts but I was not calculating it correctly. Since renko blocks only print with price movement, you tend to get a more honest perspective of what's going on. It eliminates noise in the price direction while tracking volume in another dimension.Note
nope! Doesn't look as good as I once thought. I've been so bearish on all equities..but I wanted to believe in us steel. I had a low target mid 8's.. but thought that was overdone. I didn't think we'd come this low. I should have allowed my bear-biased view to soak into my other forecasts.. I've been chasing this since 11's.. and even with being very careful it has been an annoying distraction.Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.