A long time ago in an interview whose source is long forgotten, the question was asked:

‘How many times do you attempt to enter a trade before giving up?’

Years ago as an amateur, I was shocked. I didn’t even know that several attempts could be made.

Was that even allowed?

I thought the ‘professionals’ were supposed to know the market. If they get stopped out, they must be some kind of (idiot or) shill.

Well, you can make your own call on that one … as for the ‘project’, we’re re-positioned for one more time.

Monitoring price action throughout the day, it became obvious just before 3:00 pm; EST, that IYR was going to make a breakout push.

The DRV short was exited at 7.48 and then, we waited.

The upside breakout came just twenty minutes before the close (forty minutes after exiting). IYR pushed significantly higher while DRV went sharply lower.

Ten minutes into the breakout, as IYR was still rising, DRV was re-entered at 7.358 (see table below).

Price action continued higher right into the close. DRV finished at 7.25.

Looking at the weekly chart, the ‘throw-over’ looks terminal.

Price rose for the week but range was more narrow with volume (effort) up and force down.

The amount of volume needed to move price slightly higher increased significantly from the week prior.

Note: Each upside force (from start of the recovery) has declining energy.

For the week just ended, Force Index barely ticks higher while volume increased and range traveled decreased.

Wyckoff termed this “effort vs, result”. The bulls are tired.

The table shows current status. We’ll decide on a stop (or exit) during the next session.

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.