Thesis/idea remains the same as in the previous "long" attempt at $70 area...
There are structural supply reasons behind the trade,
+ the only companies that will beat & raise ths Q,
+ the only companies probably increasing buybacks...
+ "Those selling now would be chasing outperformance later this year" still remains my view...
I was looking to get involved in three main areas of interest:
a) $70-71=previous support pivot ---> tried it, made small $$, flat now
b) $67-68=previous support pivot=confluence of major SMAs -> 200SMA@daily & 9SMA@monthly
c) $65=daily support pivot=50SMA@weekly which is the SMA that defined the recent rally from lows...
We are at b), so...
-- Got long half-Tier 0 in-front of 200SMA@daily & daily support pivot=$67, risking wide stop $62s, 1xATR=$4 below $65 support level
-- Want to add full Tier closer to $65, risking same stop. If $67 is the low, then will add remaining tier, ONLY IF buyer becomes evident, step up and $XLE starts holding above $67 w/o funky business below the pivot...
-- 1st target $73-77 area, then main target retest of $79-80.
07-13-2022
-- Reloaded long in-front of the 200SMA@daily whatever I sold $70+, same stop as described above
-- thesis remains the same, $XLE needs to prove itself here...Let's start by reclaiming 9SMA@daily to break the extreme downside momentum....
07-14-2022
Opening flush right into confluence of support at $65 (as described at point c).
Felt confidence in the way the move was taking place,
-- Added full Tier 0 towards $65-65.5, risking stop $62, 1xATR=$3 below the support level
-- Expecting buyers to show up here, $XLE to have a sharp move away from price...It's extended in larger timeframes (>daily), needs to break and reclaim 9SMA@daily to break downside momentum. Then, it can rally quite a bit form here.
-- 1st target $70, then 9SMA@weekly
07-18-2022
Small profit taking into 1st target $70 congestion.
07-20-2022
Small profit taking into $73s daily resistance pivot.
Main target remained tag of 9SMA@weekly, currently $77.4s
Updated stop 50% partial 67.8s, rest 50% at $64s
07-28/29-2022
Trimmed more as it tagged 9SMA@weekly which was main target, and then pushed towards $79 daily resistance level.
Updated stop 50% partial 71s, rest 50% at $68s
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-07-06 10:40:42 | XLE | buy | $67.110 | long |
2022-07-07 13:23:59 | XLE | sell | $70.845 | long |
2022-07-13 10:22:07 | XLE | buy | $68.500 | long |
2022-07-14 09:01:20 | XLE | buy | $67.110 | long |
2022-07-14 10:04:59 | XLE | buy | $65.784 | long |
2022-07-14 10:10:06 | XLE | buy | $65.550 | long |
2022-07-14 10:10:07 | XLE | buy | $65.550 | long |
2022-07-18 08:32:22 | XLE | sell | $70.000 | long |
2022-07-18 09:45:02 | XLE | sell | $71.170 | long |
2022-07-20 12:38:07 | XLE | sell | $72.890 | long |
2022-07-20 12:38:07 | XLE | sell | $72.890 | long |
2022-07-25 10:56:01 | XLE | sell | $72.702 | long |
2022-07-26 09:41:35 | XLE | sell | $74.665 | long |
2022-07-27 15:56:39 | XLE | sell | $74.860 | long |
2022-07-28 07:29:38 | XLE | sell | $75.380 | long |
2022-07-29 08:10:09 | XLE | sell | $76.740 | long |
2022-07-29 10:19:58 | XLE | sell | $77.785 | long |
2022-07-29 15:31:38 | XLE | sell | $78.405 | long |
2022-08-04 15:45:05 | XLE | sell | $71.800 | long |
2022-09-23 09:30:00 | XLE | sell | $72.795 | 0 |
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