Bought EUO at 17.97, sold at 17.72

This morning there were scary news coming from Europe, about fear over the Greek tragedy and massive worries about the Italian fiscal situation, and related market crash.   EUO (Euro inverse 2x) has been in a triangle pattern for a while, howver, this time it looked more like a reversal than a continuation pattern.  I was waiting for the breakout above the trendline and it happened this morning.

Instead of buying at market open I decided to wait and see if my guess was correct, but this strategy resulted in buying at the high of the day.  However, this allows me to put my stop just below the low of the day.

There is a relevant resistance area between 18.10 and 18.20, given by a May peak in the triangle formation and the 38% retracement of the move down from 21.80.

Support is given by today's breakaway gap - I am choosing the top of the gap, although I have a sense that it may be best to use the lower end, around 17.40.

Volume has been strong during the recent up moves, and weak during the down moves.

The oscillators are not showing any divergences, in fact, they seem to be confirming the bottom and the start of a new leg up.

The goal of this trade is to let the profits run.

If resistance at the 18.10/18.20 level is taken out, the next stop should be at 18.90. After that, it's 19.59, which is the 61% retracement.

The plan is move the stop up, following the price.

Sold at 17.72 on July 13.  My stop was hit.  The expected move never happened.