It was just brought to my attention that the suggested stop parameter on today’s QID long entry did not make sense. The correct stop should be on a move under 27.38 which is 1 1/2% BELOW the entry price of 27.80. My apologies for the confusion. I guess it was a “Who’s on first?…” mix up (…go long this etf to go short the market), as I habitually added the stop allowance to the entry price since my plan was to short the QQQ instead of subtracting it as I was suggesting going long QID (2x short QQQ) as the proxy. The reasoning for choosing such a tight stop loss was because that level is just below yesterday’s close on QID. My thinking was (is) that if the QQQ manages to regain all of today’s losses and move above yesterday’s close, that would be bullish and most likely portend additional upside in the Q’s/$NDX. I still plan to follow up with the targets tomorrow assuming this trade begins to play out.
QID trade stop correction