Z Position Update

Z is a short position entered last week, July 2nd Trade Idea: (Swing) Z .

You may recall the only thing I didn't like at the time was Z didn't have much of a reversal process, but it was also very parabolic and they tend to have a more narrow reversal process and we've had a couple of days adding to it since then. I was getting this post ready as Z had hit it's advanced ROC price trend line (the advanced price ROC we typically see before a change to a different stage like from rally to top or a reversal, the change in character is what is important and this seemingly "bullish" change of character is often a red flag warning of a reversal to come.

Since capturing the charts for this post, Z has broken below the trend line, volume was not special and there is a 1 min intraday positive, but the last one failed so we may get a bounce and test that trend line or perhaps even head fake above it, but for now I'm leaving the speculative sized (half) short in place as I don't like the tone of the market since the F_O_M_C and this just doesn't feel like the kind of market I want to get too fancy in without excellent reason and a 1 min positive divergence alone is not excellent reason.

 Daily chart change in price ROC...

The reversal process widened out which I was happy to see. The trend line is the increased ROC price trendline, this is what I was putting this post together for, since then it has already broken down through the trend line.

 The longer term 60 min chart, leading negative at the increased ROC/price area.

The 15 min chart with one last accumulation pocket to push Z higher, it was obviously used to sell in to.

The 10 min chart showing the same.

This is the only chart with a positive, the last one failed. The 2, 3 min charts are in line, confirming the downside of price. I'd need to see the 2, 3 and maybe even 5 min chart go positive before I really considered any bounce that would be worth mentioning.

And the latest capture...

The trend line is broken.

As I sid, not much to do here, I may set some price alerts around the trend line as that may offer a nice add-to or new position entry if we do get a bounce.