Friday, February 28, 2014

TNA Update

TNA is creeping higher and I am now in the red by about 6% on this trade. I still believe in this trade and I'm sticking to it. (Condidering I rarely make a loosing trade, I usually just wait it out) The resistance line has been adjusted higher which speaks even more for a bounce back sometime soon. It even looks like a megaphone pattern is forming. The market has a harder time deciding on a price and volatility is increasing. This is good for those of us that like to short leveraged ETFs. I'm adding to the short position at 83.30 if it goes up there. It is however always good to be aware of the risks. This shart could still go up steeply from here and build a classic BOT (blow off top) pattern. I won't stick around for long above 83.30. If it doesn't turn shortly I'll probably cut the losses.

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