Hi Derek, I held as well. LABU is at that point where it is prime for a pullback IMHO. It is definitely in a consolidation phase and there is still plenty of time and room for it to still trade inside the pattern.
Looking at the daily chart of U it is in the overbought territory on the RSI 8, but we haven't seen a divergence yet.
Not to mention that it just made a nice impulsive move across the blue 50 MA again.
Even the 60 minute chart is still bullish and hasn't shown any divergences yet. So I am thinking that it could very well retest the old highs around 116 before it is all said and done.
I do like the 15 minute chart and am tempted to add some at 1.50 again. I should have sold some at that 2.00 pop on friday. I can say that after going over my journal and comparing them to the charts, I am going to start taking more of those small gains even if it is just scaling out and then buying back in later. Especially on the first pop across the 50 MA on the 15 minute chart as it is very rare to see that as a reversal
We don't always need a divergence to get a nice bounce.
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