לונג

US Steel looks so good

מעודכן

I believe X to be near completion of bottoming pattern-possible drop lower so I'm hedged with a few puts but building longer term bull position- looks really good in my opinion. The top indicator is volume.. historically significant.

הערה

I'm expecting a drop to 11's.. but I'm not dependent on that. I like to ease into positions and hedge with put options to cushion the drops.. if X dives, my put profit will go back into my long position lower.. patience

הערה

learning how important volume trends can be- x on daily.. potential big increase in volume coming soon and that could be lots of selling volume- we'll see!

I like it but I'd love it lower

הערה

back to 11's and why I recommend a put hedge. Thankfully I took my own advise. We'll see if we can find support down here somewhere now.

הערה

added some 202 calls in here in the low 11 range! I sold some puts, holding 1 in case it drops to sub 10.. I suspect X is going to have an enormous bull run soon.. this can correct a little longer but get ready. I can be wrong but the data is here

הערה

*added 2021 calls low 11's, still holding a put for cushion

הערה

In my opinion, we are going to see a lot more volume come in

that can mean lower/sideways prices..

הערה

closer view on renko block

הערה

I found this interesting .. 2013, 2015, 2017, 2019(?) every odd year was a good bottom buy.. you could have sold the even years 2014, 2016, 2018... and timed this almost perfectly

הערה

Today was a big down day on X but looks all the better to me. I cleaned up the trend a little to demonstrate good entry's as well as exit's. I'm not sure how much further down it goes. I added just a little in 2021-2022 calls in the 15-17 strike range. I couldn't help but notice that the % shares short are higher than 32% last I checked! That is a tremendous amount of short interest..

הערה

using a linear moving average in volume while using renko to identify price movement really brings about some HMMMM moments. I once believed volume was useless or incorrect with renko charts but I was not calculating it correctly. Since renko blocks only print with price movement, you tend to get a more honest perspective of what's going on. It eliminates noise in the price direction while tracking volume in another dimension.

הערה

us steel 4hr chart- looks good. This is normally where we'd see a strong pop up if this wedge has anything to say about the situation. Also note the bull divergence:

הערה

weekly has positive-looking divergence:

הערה

are we there yet? Please wake me up when we get there

הערה

nope! Doesn't look as good as I once thought. I've been so bearish on all equities..but I wanted to believe in us steel. I had a low target mid 8's.. but thought that was overdone. I didn't think we'd come this low. I should have allowed my bear-biased view to soak into my other forecasts.. I've been chasing this since 11's.. and even with being very careful it has been an annoying distraction.

הערה

gghsusa

כתב ויתור

המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.