I’ve decided to book full profits here, both personally & officially, on the TQQQ (3x bullish QQQ) long trade (current price 92.99). TQQQ was a swing short entered back on Oct 28th less than 2% from the top (from that point) in the Nasdaq 100. That short trade was officially closed out this morning and immediately reversed into a long trade at 82.59, a mere 29¢ or 3/10ths of 1% off the lows. Thus, providing a 29.7% gain on the swing short trade and a very quick 12.6% profit on today’s TQQQ long day trade.
TQQQ 1-minute Jan 14th
While Right Side Of The Chart is not a day trading site, rather a swing trading, trend trading & investing site, day trades are somewhat common, especially during periods of elevated volatility such as this. Here’s a 1-minute chart of TQQQ showing today’s reversal (short covering/long entry) & exit on the TQQQ long, Although I had earlier mentioned the likelihood of holding out for slightly higher targets on TQQQ/QQQ, my gut & experience tells me that booking full profits here & stepping aside to let the dust settle is probably the best course of action. For those holding out for additional gains, consider raising or trailing stops at this point.