Direxion Daily S&P Biotech Bear 3X Shares (LABD)

[Sendme]

That is probably one of my weaknesses, I don't follow the news much other than try to be cautious and not hold positions on times when big news is due or when a vote is expected, earnings etc. Been in trades in the past that went both ways, and broke my rule on last week on DRYS (because I only had a really small position, still no excuse). Got lucky on LABU at the election, but sold the next day and left a lot of money on the table.

Trying now to get a better game plan on my entries and exit strategy. Trying not to catch a falling knife so often, but play the continuations. Gave up on trying to determine the exact bottom.

I am trying to use a method like this for trading the news

Or this for trading breakouts

I post charts in hopes that others will offer pointers to what I may be missing in a charts support or resistance or pattern formation.

Right now the IBB did put in a full candle above the trend line, still needs follow through IMHO. And the resistance line was only tested once, normally would like to see 2 or 3 tests then a big volume break. Still on sidelines. Watching the fibs so far there is a possible Cypher pattern forming. Still a long way to complete, watching 335 for point C and back to 294 for completion of point D. Will probably look at LABD for an entry of IBB 335 if it fails to break above.

In other words