Take a look at the daily TZA chart below. What did you see? Well, I saw two up trucks sandwiching the down bar. To me, that is good enough for me to buy TZA today. I bought starter position. I will add if Friday high is taken out. Stop will be at today low for now
Also, did you see the dashed line below today bar? That is the 50 ma which show good support to me.
Update:
Whoa! We got the Bad Ass Bullish Engulfment bar today! Double signals (2 trucks and bullish engulfment)! What more can I ask for???
This is not an advice; but merely my daily trading journal.
Good Hunting!
If you enjoy the content at iBankCoin, please follow us on Twitter
very nice Mr.Hunter
Thanks noodle!
Added more due to bullish engulfment signal.
I don’t think that’s a full bullish engulfing, we didn’t take out yesterday’s high…
But best of luck, let’s hope you don’t top tick it at this point (since we’re sitting at recent TNA support). So, flip of the coin which way it’ll go, IMO…
I go by the solid bar and ignore the tails. So, in that sense, it is my version of a bullish engulfment. But thanks for the info though.
In trading, we are always flipping a coin when entering into position. I guess, so far, the coin flip is in my favor. Nevertheless, I will multiple stops to scale back down in case the coin flips decided against me.
Thanks for the input.
Lol, NOW it’s a bullish engulfing 🙂
Yahoo!!! 🙂
Nice.
Rut futures closing with a short entry on 9/30 setup trend continuation pattern here.
Not trading it, just observation
on daily chart of course
“…trend continuation pattern…”
In my book, any engulfment pattern (bullish or bearish) has a high probability of a continuation pattern. That is why I don’t hesitate taking position or closing position when I see this bad ass bar.
Thanks for the comment! 🙂
nice
Moving Stop loss to below mid-point of yesterday bar.
May reduce position size if price continue to retrace. Will monitor intra-day pivot low to set scale-down process.
Trading Journal update:
Added more TZA due to taking out of yesterday high. Move stop to today intra-day low. With such momentum going up, taking out intra-day low is a change of momentum.
Move stops to today mid-point to ensure that I exit this trade with a profit; even at the risk of getting out too soon.
TJ Update:
Added a bit more since price action took out 6/6 high.
Stops are dynamically moved to intra-day midpoint.
Stopped out with profit; although I gave back some. May look to re-enter.
Flat for now.