ERX Energy Leveraged ETF Long
ERX is a bullish leveraged ETF for the energy sector similar to XLE.
On the 30 minute chart, the supply and demand zones are displayed from
the Luxalgo indicator. The midline between them is the red line which
is confluent with the POC line of the volume profile.
On the prior down trend last week, price got support from that line
and bounced back to the supply zone above.
On the present down trend price broke the line which has now
become resistance. At present it is sitting on the demand zone
and bounced off it into a reversal this morning.
The Zero Lag MACD confirms this with rising K and D Lines crossing
the zero line and the histogram flipping positive.
My long trade is targeting the redline between supply and demand zones
@ $ 60.25 while the stop loss is at the top the demand zone at $ 58.15
From an entry of $ 59.15 this is $ 1.00 of risk for a targeted reward
of $ 1.10 making the R/R essentially 1:1 I see this as a safe long
trade with low risk and low reward.
On the 30 minute chart, the supply and demand zones are displayed from
the Luxalgo indicator. The midline between them is the red line which
is confluent with the POC line of the volume profile.
On the prior down trend last week, price got support from that line
and bounced back to the supply zone above.
On the present down trend price broke the line which has now
become resistance. At present it is sitting on the demand zone
and bounced off it into a reversal this morning.
The Zero Lag MACD confirms this with rising K and D Lines crossing
the zero line and the histogram flipping positive.
My long trade is targeting the redline between supply and demand zones
@ $ 60.25 while the stop loss is at the top the demand zone at $ 58.15
From an entry of $ 59.15 this is $ 1.00 of risk for a targeted reward
of $ 1.10 making the R/R essentially 1:1 I see this as a safe long
trade with low risk and low reward.
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