Comments on: IWM Small Caps Approaching Support Within a Falling Wedge Pattern

By: rksleung

rksleung — Thu, 16 Nov 2017 15:38:35 +0000

You can’t succeed trading this market if you just follow those support and resistance levels. First, they don’t allow stawks to go the support. You have to buy right below reaching the support. Also, shorting the resistance is futile. Look at this 153.8 acting as a resistance for more than one week and it took them just one day to break it. And remember. QQQ was making a lower and lower low and low and behold, they manage to break it in the first hour.

By: rsotc

rsotc — Wed, 15 Nov 2017 21:31:16 +0000

In reply to rksleung.

Maybe, maybe not. The pattern of overnight selloffs followed by the dip buyers stepping in at the open, causing a rally from there but the Q’s still closing lower for the day remains intact. QQQ closed down a -0.47% today & if the pattern continues, it will once again sell off overnight & gap down lower tomorrow.
If not, any push back to 153.85 will once again offer an objective short entry with a stop somewhat above. That scenario I highlighted with QQQ & SPY bouncing back to support today was only contingent on IWM breaking out & rallying to the aforementioned resistance levels which may or may not happen.

By: rksleung

rksleung — Wed, 15 Nov 2017 21:11:18 +0000

QQQ can easily close at 152.3 today. A some suckers (THE FED AGAIN????? ECB??? SNB????) come it and snap it up 30cents in one minute. WTF is that???

By: rksleung

rksleung — Wed, 15 Nov 2017 21:08:17 +0000

SIgh.. I had puts to cover and was waiting for 151.3. Sigh.. Seems like those puts will be gone now with QQQ likely going back to 153.8 first before heading down.