QQQ is approaching this resistance zone, the top of which is defined by both horizontal resistance & the 61.8% Fib retracement. With the short-term trend indicators (15-minute time frame) still solidly bearish despite this morning's bounce, I just added back some more of the short exposure on the broad markets (QQQ & IWM) that I closed out on Friday along, also adding to the CTSH short trade here as is approaching horizontal resistance around the 61.50 area.
Active Trades are trade ideas that were previously posted as Trade Setups and have since triggered an entry or occasionally, a trade idea that was first posted directly to the active trades category as offering an objective entry at the time of the initial post. Active Trades might also be listed in one or more of the other trade categories as these categories are not necessarily mutually exclusive. e.g.- An Active Trade that still offers an objective entry might also be categorized under the Trade Setups category. Likewise, an Active Trade with multiple prices targets may have already hit one or more of those initial targets with additional target(s) remaining, thereby falling under both the Active Trades and Completed Categories. Traders should look to make any new entries or add to existing Active Trades objectively, such as a on pullback to a support level during an uptrend or a re-test of a broken trend-line, wedge, or channel pattern.
-+*CTSH (Cognizant Technologies) will be added as an Active Short Trade here around 61.30 on today’s breakdown. The sole target at this time is 56.97 with a suggested stop of 62.48. Additional target may be added. Despite my recent comments earlier today about being selective [continue reading…]
-+*ADBE (Adobe Systems Inc) will be added as an Active Short Trade here following the recent breakdown & backtest of the bearish rising wedge pattern shown on this daily chart. Being that that primary trend remains bullish at this time, my preferred price target is [continue reading…]
-+*As expected, GDX reversed on the initial tag of the top of the 60 minute symmetrical triangle pattern. Although an upside break of the pattern remains my preferred scenario, price action is likely to be choppy until a clear resolution of the triangle occurs. Assuming [continue reading…]
-+*GDX (Gold Miners ETF) has now hit the initial swing target hit (HOD 19.89 so far). Consider booking profits and/or raising stops if holding out for any of the additional upside targets from the 60 minute time frame. Updated 30 & 60 minute charts below:
-+*Following the break below the small bear flag earlier today, QQQ is once again consolidating in what appears to be another continuation pattern, this time a larger, potentially more powerful bearish pennant. The next objective short entry or add-on will come on a break below [continue reading…]
-+*CCU (Companias Cervecerias) has hit the third price target, T3 at 22.39, for a 14.2% gain in just under 13 trading sessions on a near-vertical rip following the March 24th breakout/entry. Depending on your trading plan, consider booking partial or full profits and/or raising stops [continue reading…]