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Booking Full Profits on TQQQ Long

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

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.

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Jan 14, 2016 3:29pm|Categories: Completed Trades - Long, Equity Market Analysis|Tags: , , |4 Comments

4 Comments

  1. Francesco Schettino January 14, 2016 4:21 pm at 4:21 pm

    That’s very impressive trading, Randy! I dipped into TQQQs twice since your post, but ended up just flat… 🙁

    Thank you for sharing your skills on this great site, and your quick updates on your changes in posture are most helpful!

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  2. Art January 14, 2016 4:40 pm at 4:40 pm

    Randy that was a great trade! Congratulations!!

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  3. Kstellish January 14, 2016 7:25 pm at 7:25 pm

    Appreciate the insight Randy. I work full time so I’m not always as quick to the trigger as I’d like to be but it was a nice trade for me nonetheless. I appreciate you being quick to the trigger on sharing info. Hats off to shambo as well for his insight. Ive realized my success trading in my younger days was purely luck. Learned a lot since joining this site.

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  4. GetItRiight January 14, 2016 8:16 pm at 8:16 pm

    Add me to the ‘full time work’ camp. Luckily, today was an easier day so I could stay mostly glued to the screen. While I don’t have charts to work off of, I managed to realize the turning point in today’s trading, by watching the Qs and the SPX, so I exited a long LABD trade and almost immediately entered a LABU long. These worked out better than using the TQQQ or SQQQ pair, as they had more price movement. I got fooled at one point by LABU taking out my stop in the retrace, but I entered back after a few minutes and good thing I did.
    Randy, keep up the great suggestions. I believe that the quickest way to react to your insights would be a chat room. I understand you are working on setting it up.

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