3xBuBa, I agree that ~UYG~ still has room/potential to continue up...
If the market would move in slow motion, then I may have waited a bit longer to enter ~FAZ~...One factor as to why I chose to enter late friday is because of what Ive seen in terms of price movements of our average monday & tuesday volatility performance...I see a big move to the downside (overall markets) coming soon...what day that move actually begins (if at all) is anyones guess...
My trade tactics are mostly based on probabilities...I'll be the first to tell you that,yes, there is technical room for the markets to continue up...
My personal TA is suggesting that we are at or very near a short-term high...I feel that I entered at a fair price range,which is all I can ask of this market to give me...
There could possibly be a gap-&-trap coming monday...the market could open way up and go ferociously down the rest of the week...If thats what happens,it would make perfect technical sense...but as we know,the market doesnt always give us picture perfect trade-set-up conditions...I would actually feel even more comfortable with my long ~FAZ~ position if ~UYG~ gapped up to 7.01(middle bollinger band)and started falling from there...
A few technicals that put pressure on me to open a position on friday are:
1)The last 5 trading days for ~SKF~ & ~UYG~ were biased in one direction...a direction that is contrary to the larger time-frame trend,on relatively low volume...
2)We are literally hovering at the .786 Fibonacci retracement level ( a retracement that at times is more precise & telling than the fib .618 ~IMO~)I have been fairly successful utilizing the 78.6% this year...I absolutely love entering a contrary position at this retracement level...even if its only a 10 minute trade...more times than not, this retracement usually brings more than an expected bounce and instead offers a longer term trend change...
3)Multiple stochastics configurations (on daily charts) suggest that we are at or near the reversal area...the 21 day look-back stochastics is not over-done, but is very near/heading toward the 50% area which could be a reasonable support level with respect to the shorter-term over-done 8 & the close to over-done 13...true confirmation occurs when the fast line rises above the slow lines...hasnt happened on all three yet...So yes, I am in early...
Summation: Yes entry is technically early, which is why I only opened 1 unit of a possible-three-unit positon...depending on how the market actually unfolds in the next three days,will determine whether or not I add more to my long position...
NOTE:Long ~FAZ~, but all actual chart analysis is done using ~SKF~ & ~UYG~...
...good luck to you and Optionswonderland'ers...~6979~ signing off for now...
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