I do not know....
I only know that most traders do not catch falling knife. I do not do it normally either. But this is a level I like to do something....
It is a speculative trade that I get room to lose.
Anyone Bottom Fishing Buying SOXL with Me?
- Thread starter RedSun
- Start date
I do not know....
I only know that most traders do not catch falling knife. I do not do it normally either. But this is a level I like to do something....
It is a speculative trade that I get room to lose.
You could hit 40 before you know it on this play.
You got a couple of nice head's-ups on the daily chart that a bottomfisherman might like.
A good one at your 162% projection level and another good one converging at that prior swing low yellow line there. These are often where price will do a checkup to see if it's gonna do something different. Like reverse to the upside maybe.
That 200% projection level can have the same effect on price too but if things work out well you'll never see that 200% or the other lower swing low yellow line either, and not that breakaway gap at around 32 either. But even if you do, you have a generous expected time to hold and aren't sweating a bit. It all looks good! I don't know if it's catching a falling knife or not, so no argument there from me. Buying the higher low is more my style on the intraday timeframe.
Along those lines...
On your Intraday 10 minute chart you got a morning star doji looking bottom thing that took you to the 50ma and then you got your Higher Low that could go to the 200 ma up around 40 without breaking a sweat. That's the kinda stuff I like to work with, entering the higher pullbacks. We'll see if she comes back to tag the 50 again before heading for the 200.
I like your thread and will enjoy watching this play unfold. You got some Great entries under 34. Do it To it!
You guys are so funny. It is just a simple trade. Then several people came here and mentioned catching falling knife. It seems you guys know much more than I do.
There are various seasons for each trade. It depends on trade size, technical signals and style of trading. Not everything is the same.
I'm not like Bill Ackman buying $1BB worth of NFLX. Maybe he is super smart like other people said. But at this level, I still believe NFLX is over-priced. We may cancel Netflix when they increases price again.
I just hope people have open mind. Particularly after this trade has been very profitable. So I still do not know some people's urge to state catching falling knife again and again.
Since this trade is deep in the $, I can just turn it around and take profit.
There are various seasons for each trade. It depends on trade size, technical signals and style of trading. Not everything is the same.
I'm not like Bill Ackman buying $1BB worth of NFLX. Maybe he is super smart like other people said. But at this level, I still believe NFLX is over-priced. We may cancel Netflix when they increases price again.
I just hope people have open mind. Particularly after this trade has been very profitable. So I still do not know some people's urge to state catching falling knife again and again.
Since this trade is deep in the $, I can just turn it around and take profit.
You got profits, what's not to like? lol
Hell, if I could catch a falling knife, I'd do it! lol.
If that ain't what you're doing that's cool. Relax, have a home brew.
That is fine. So if a trade is profitable and you won't do it since it is catching a falling knife? Just does not make sense.
Sure enjoy your chart and brew. I enjoy my profit, not all the technical homework....
Where do you come up with this stuff?
If I hade a tested method to trade what you are now calling a falling knife, then I would add that to my toolbox.
The Daily chart would appear to me to be in a pretty good decline from recent 70 to 34.
If that ain't a falling knife, fine.
If that IS a falling knife, fine. lol
For the setups that I use, I'd need to downshift from that Daily heads-up to an intraday chart based on the 162% projection on the Daily, and then watch for a higher low and a couple of other things on a 1 to 5 minute chart. So on an intraday, that'd not be a falling knife in imho. I'd have exited at EOD, rinse and repeat on Monday.
You are holding for a longer term double and are in a fine position.
What's the problem? Relax, have another homebrew.
All this discussion over putting $1k to work in SOXL? Isn’t 1k a rounding error for most here?
i like it more as a trade than a long-term position. Agree with others here that the momo is down , and correct me if I’m wrong- i think the fees/decay on SOXL are relatively high
i like it more as a trade than a long-term position. Agree with others here that the momo is down , and correct me if I’m wrong- i think the fees/decay on SOXL are relatively high
Since inception (2010) SOXL performed way better than 3x SOXX (actually as of today it has been 6.5x SOXX) so in that perspective your statement about fees/decay is "wrong".
%%
Good;
MSFT,SPXL , SPYG,UPRO, SPY,FNGU..... closed up on the[last] weekly, candle charts, so nothing like good weekly uptrend$ to help a knife cut right/LOL
Go to enjoy your pretty chart. And I enjoy my 35% return in two days. I already sold some of the positions.