BPZ Update-All seems well

I started a long (no leverage) equity model portfolio position in BPZ on June 18th.

That position is down a little over 4% right now, but I still like it and it is actually doing what was expected.

 Position down 4.41% currently

June 18th (white arrow) is the entry. In retrospect, knowing there was a bearish continuation pattern and knowing there were a lot of bear traps being set at the time, I should have been more patient and waited for the bear trap below the descending triangle, but I believe I was thinking BPZ might be small enough that it may not see such a move-I WAS WRONG.

At the yellow arrow on July 5th, I posted this update as trade was looking too obvious. In that update I pointed out the pullback to the trendline and said,

" On a 15 min chart BPZ has pulled back to a near term trend line, this is probably a little too obvious as traders would look to pick up BPZ long on a pullback to the trendline which they would view as support, that alone probably is enough to argue for a deeper pullback."


And a deeper pullback is exactly what followed, starting that same day!


I still like BPZ, as you can see it's a speculative long position as I feel most longs should be speculative given the primary charts' tone.


Here's an update on BPZ...

 At the yellow square, that's about where we were when I posted the last update about a deeper pullback, since the pullback has flattened out in a lateral trend, which is where we often see accumulation. The 15 min chart shows a Tweezer top resistance area at $2.45, that's the area to keep an eye on for a resumption of the move up.

 The 1 min chart since the pullback post...

 2 min

 3 min-good migration through the shorter timeframes, however the reason I really liked BPZ was the longer timeframes, this is also the reason I chose a non-leveraged, straight long position as I didn't want to be trading around BPZ with leveraged options, but rather just take a more hands off, longer term approach. Also with the way the longer term charts look, I see no reason for needing leverage on a trade like this. Believe it or not, I'm not a big fan of options and only use them when I feel the leverage is needed to make the trade worthwhile, otherwise I'd rather avoid it as you can probably tell by how quickly I'll move out of a leveraged position in options at the first hint of the trade going the other way, even on a small correction.

 The 15 min chart is looking good, what I want to see now is a strong leading positive divergence run through the shorter term timeframes.

 The 30 min chart probably needs no commentary.


Nor do the 60 min above or 4 hour below and this is the reason I like BPZ longer term.