tag:blogger.com,1999:blog-37433435.post922189584829708836..comments2024-01-29T01:52:07.363-05:00Comments on Kevin's Market Blog: XLE Trade Setting UpKevinhttp://www.blogger.com/profile/10858224918246729626noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-37433435.post-15985365673195703092008-07-14T10:43:00.000-05:002008-07-14T10:43:00.000-05:00Kevin, XLE traded higher this morning by taking la...Kevin, XLE traded higher this morning by taking last Wednesday's high. It is trading lower now (11:42 AM ET). Did you do the trade?skhttps://www.blogger.com/profile/06298578401645473752noreply@blogger.comtag:blogger.com,1999:blog-37433435.post-50253008201784448002008-07-11T21:09:00.000-05:002008-07-11T21:09:00.000-05:00Hi Adam,I like the market to prove that I am right...Hi Adam,<BR/><BR/>I like the market to prove that I am right by taking out the highs of the last few days. If the market can't do that, then i don't want to own it. I need to see support hold and then some buuying come into XLE before I put my money on the line.Kevinhttps://www.blogger.com/profile/10858224918246729626noreply@blogger.comtag:blogger.com,1999:blog-37433435.post-15731489351601106792008-07-11T21:07:00.000-05:002008-07-11T21:07:00.000-05:00Hi Gary,You made some good points. I haven't bough...Hi Gary,<BR/><BR/>You made some good points. I haven't bought any oil as of yet. My only long position is in the Euro and gold. If I do buy XLE, I will have a very very tight stop so the risk will be small.Kevinhttps://www.blogger.com/profile/10858224918246729626noreply@blogger.comtag:blogger.com,1999:blog-37433435.post-82458225235758985282008-07-11T16:14:00.000-05:002008-07-11T16:14:00.000-05:00You might want to be careful with the oil stocks. ...You might want to be careful with the oil stocks. Both the XLE and OIH have broken their trend lines. <BR/><BR/>All the oil stocks are now diverging from the price of oil and have been for some time.<BR/><BR/>In bear markets everything eventaully gets taken down. This will include energy stocks. <BR/><BR/>It seems pretty obvious that the world is sliding into a recession, probably a pretty nasty Garyhttps://www.blogger.com/profile/14556370683669428668noreply@blogger.comtag:blogger.com,1999:blog-37433435.post-5401138915296586332008-07-11T12:52:00.000-05:002008-07-11T12:52:00.000-05:00Kevin,Can you explain what your logic is in waitin...Kevin,<BR/><BR/>Can you explain what your logic is in waiting for this trigger, even though XLE has held support at 79, for the past 3 or 4 days? In other words, why do you look for additional confirmation before pulling the trigger.<BR/><BR/>Thanks a lot,<BR/><BR/>AdamUnknownhttps://www.blogger.com/profile/04505899996323371191noreply@blogger.comtag:blogger.com,1999:blog-37433435.post-48389197450416525962008-07-11T11:27:00.000-05:002008-07-11T11:27:00.000-05:00Hi Michael,I base my position on the size of my tr...Hi Michael,<BR/>I base my position on the size of my trading account.. I usually like to risk around 2 to 3% of my account value.<BR/><BR/>Hi Nefri,<BR/>In this example "takes out" means moves above Wednesday's high. If XLE can trade above Wednesday's high, I will be a buyer.Kevinhttps://www.blogger.com/profile/10858224918246729626noreply@blogger.comtag:blogger.com,1999:blog-37433435.post-8632834480814932392008-07-11T10:32:00.000-05:002008-07-11T10:32:00.000-05:00I am new to the trading "lingo". What does "take o...I am new to the trading "lingo". What does "take out" mean in "If XLE takes out Wednesday's high..."? Does this mean if it goes above the high or drops below?<BR/><BR/>My being bilingual probably doesn't help.Nefrihttps://www.blogger.com/profile/06337076529563841952noreply@blogger.comtag:blogger.com,1999:blog-37433435.post-15671788266220128242008-07-10T21:53:00.000-05:002008-07-10T21:53:00.000-05:00kevin, what kind of position sizing system do you ...kevin, what kind of position sizing system do you use? % based or ATR volitility based or something else?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37433435.post-21142058809908701532008-07-10T19:45:00.000-05:002008-07-10T19:45:00.000-05:00If XLE takes out Wednesday's high intraday by a fe...If XLE takes out Wednesday's high intraday by a few ticks, I will buy it and place my protective stop below today's (Thursday's) low.Kevinhttps://www.blogger.com/profile/10858224918246729626noreply@blogger.comtag:blogger.com,1999:blog-37433435.post-59213569486497281722008-07-10T19:26:00.000-05:002008-07-10T19:26:00.000-05:00Is your requirement to take out Wednesday high of ...Is your requirement to take out Wednesday high of 83.19, at close or can it be intra day as well? <BR/><BR/>Where do you recommend the stop at-around 79, which is the support as well as today's low?Unknownhttps://www.blogger.com/profile/04505899996323371191noreply@blogger.com