I have quite a few questions & inquires from over the weekend that I will reply to asap, no later than the end of today. Thank you for your patience. I might also be a little behind on replying to questions & comments this week as I plan to set aside some time going through the charts looking for any new trading opportunities that standout. The first half of April was marked with sideways trading in the broad markets while market topped, then moving lower in that well-defined descending price channel recently highlighted on the QQQ 60-minute chart. The first half of May has so far been a repeat of the first half of April with prices trading sideways which I can only image has frustrated both bulls & bears alike. Keep in mind that this sideways trading action works in the favor of the 3x leveraged sector ETFs which were mentioned as attractive shorting opps last month. Trading ranges don’t last forever and so I hope to find some trade ideas, long and/or short, that look to provided attractive R/R profiles with the most promising setups to be added as official trade ideas this week.
Changing gears, I figured that I’d share my reply to this set of trading related questions that I received over the weekend as I’d image that others might have similar questions (any personally identifiable information commented out):