Support in the futures chart that is not gbtc

This is in my small account which I just opened this month with 30K!

Wanted to try out different strategies and I have tested way too many strategies but seems like this one has the best odds bcoz Randy TA so far has gone in vain :)

I will try to update here before taking any trades now on wards and lets see what happens?

Looking at the monthly chart of QQQ makes me want to blow my brains out. Why would I be holding shorts that were opened more than 20% ago? Why have I missed a 35% year to date rally? Why did a trust a man on the internet over my own eyeballs?

Wait, you’re making money on bullish trades in this up-trending, raging, brand-new bull-market?!?!?!? How dare you do such a thing.

The most conservative indicator of Randy’s entire arsenal ignored by the man himself.

Markets and some economists have pushed back the timing for a recession out to 2024. Today I noticed that the December Fed Funds futures are now pricing the current 5-5.25% Fed Funds Rate out to the end of this year. A couple months ago, that same contract was pricing anywhere from a 50-150bps Rate Cut by the end of this year.
And then there’s the yield curves still solidly in inversion and now becoming even more inverted. Historically, a recessionary bear-market in stocks doesn’t begin until those curves steepen out of inversion.
As much as people like to say that the market prices in the economic conditions of the future, the evidence points to the fact that markets don’t do that at all. They actually tend to price in the current situation. And for now the current situation has improved here in the US. We had our regional bank crisis and the Fed came to the rescue. We had inflation, but it’s abating. We had rising rates, and now we have the Fed on pause. Eventually the move in rates is likely to affect parts of the economy to a greater degree, and that’s when we are likely to see an economic downturn, but markets are telling us that it won’t happen this year. In the meantime, I sure do hope we get a 5%-10% pullback where I can cover some bearish trades before my account goes to zero.

Today I want to share a trade idea that I took on Thursday and Friday!

Basically its a total PA trade.

Entry criteria are:-

i. Long on Support or Short at Resistant
ii. Chart should be in 15 Minutes TF
iii. Trade only on SPY and QQQ (no futures)
iv. Risk to Reward ration must be 2:1

Trade 1 and 2 triggered on Thursday on both SPY(RR 2:1) and QQQ (RR 3:1)
Trade 3 triggered on Friday on SPY as Resistant acts as support with RR 2:1

All 3 trades are closed with Targets hit within 2 days.

Yes, somehow I truly believe that we will see a big retracement like we saw during 2001 and 2008. Call me crazy but my concern is the timing! According to Randy it is in a very near future but I think it will take 3 to 4 months before we even see 5% retracements

30-40% retracement?

Yes clearly MU is bouncing at a support! Good Eye!

I seriously feel like it will take at least 3 to 4 months for Randy’s 30-40 percent retracement to play out on Qs!

QQQE looks fantastic, getting above the August ’22 highs a couple of weeks ago and now progressing further above. And at a time when interest rates are rising. Imagine how strong the tech sector will be if yields top out on lower a lower inflation print, and then backed up by a potential Fed pause. I was starting to get bearish believing the move has become too stretched, but with the rest of the Nasdaq Composite beginning to participate, this rally is likely more sustainable than I’d like to believe.

Just an FYI, both RSP and QQQE are now participating in this rally which I think is a bad price action for the Bears!