I don't like leaving anything on the table, but I like it even less to watch a green position go red so I don't see the harm in closing the UVXY long and taking the gains beyond maybe a little bit of a bruised ego.
As far as near term charts, you'll see why I took the gains, but intermediate and longer, you can see why a longer term perspective trader probably wouldn't have a problem holding.
The P/L looks like this:
At a cost basis of $37.07 and a fill of $43.42, the gain came out to almost +17%.
intraday the in line status has gone negative.
The 3 min chart shows the huge accumulation area and a recent pullback signal, there have been no positive divergences in the green area which is in line, to suggest the larger uptrend represented by the large assume;action area is ready to start back up immediately, but it is still a high probability, although more downside is likely for that divergence/reversal back up to develop.
The 10 min UVXY chart is positive and in line, but not telling us anything about very near term action, this is telling us that eventually UVXY will return to the upside, the market the downside, but there's no detail here for near term price action.
Thus, I took the actions I took and feel justified as far as objective evidence goes.
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