Profit Playbook: How to Harvest Spikes in the Volatility Mines!
Ok guys, same playbook as last spike. I laid down our uptrend and downtrend yellow lines. Today we broke under the uptrend after ending yesterday right in the middle. Price should gravitate back up and retest the downtrend to ultimately break above.
Breaking above the yellow downtrend and especially above the yellow uptrend is a strong entry signal. I scaled in quite a bit today as we're quite possibly at the LL for this run but it is riskier without the proper entry confirms. Basically any news this weekend could tank the market on Monday and very few bright spots but I'm shooting for our main breakout happening 15th or 16th along with FOMC.
Very near term still looking Neutral, short term looking Long.
Between $19.60 and $20.60 is Ultimate Value range for this spike but still doubt we see a close in this range on the 1D. Just more delicious load up opportunity if it does fall in there. $19.60 is gonna be tough to break under and even tougher to break under the $19 white line.
Big Money made a bit of a comeback yesterday (and maybe today too? Still waiting on data) but not much, just enough to keep things feisty and assist Retail in propping up the market.
Our Golden Ratio got caught right on the 6M downtrend S/R and seems to be holding the mid-channel pretty well, closer the the upper half:
If it had closed under, we'd probably be looking at more volatility downside (at least to that mid-channel support it carved out today) but even just closing at this S/R means we're likely to see upside next week as it reclaims/retests above S/R.
Happy harvests! B)
Breaking above the yellow downtrend and especially above the yellow uptrend is a strong entry signal. I scaled in quite a bit today as we're quite possibly at the LL for this run but it is riskier without the proper entry confirms. Basically any news this weekend could tank the market on Monday and very few bright spots but I'm shooting for our main breakout happening 15th or 16th along with FOMC.
Very near term still looking Neutral, short term looking Long.
Between $19.60 and $20.60 is Ultimate Value range for this spike but still doubt we see a close in this range on the 1D. Just more delicious load up opportunity if it does fall in there. $19.60 is gonna be tough to break under and even tougher to break under the $19 white line.
Big Money made a bit of a comeback yesterday (and maybe today too? Still waiting on data) but not much, just enough to keep things feisty and assist Retail in propping up the market.
Our Golden Ratio got caught right on the 6M downtrend S/R and seems to be holding the mid-channel pretty well, closer the the upper half:
If it had closed under, we'd probably be looking at more volatility downside (at least to that mid-channel support it carved out today) but even just closing at this S/R means we're likely to see upside next week as it reclaims/retests above S/R.
Happy harvests! B)
Comment:
Shoulda stuck to my OG entry target!
![[UVXY] If You Were Following Along, You Def Made Some $$$!](https://s3.tradingview.com/b/BWozEBcR_big.png)
Comment:
Ultimate Value range mid-channel holding nicely so far!
Data analyst with a passion for best fit lines B)
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