Comments on: QQQ Active Trader Setup 4-22-24

By: rsotc

rsotc — Mon, 22 Apr 2024 21:05:51 +0000

In reply to Koolmoto. Correct.

By: Koolmoto

Koolmoto — Mon, 22 Apr 2024 19:03:32 +0000

In reply to rsotc. Just clarifying- you closed your active trader long and you are scaling back in short for the longer term swing short position (which you covered last week)?

By: rsotc

rsotc — Mon, 22 Apr 2024 18:47:12 +0000

Closed /NQ longs on 1m TL break & started to scale back into shorts & VIX (starter/fractional positions) & will continue to add on either strength (rallies into/near resistance) and/or weakness (breaks of key supports). QQQ & /NQ were also approaching my initial bounce targets on the intraday charts.

I could easily see another decent thrust to two higher to my upper potential bounce targets & if so, will be adding shorts there. Just sticking with my trading plan & expectations for how this bounce may play out (likely to get sold into just as it starts to convince the masses that it is the real-deal).

By: Koolmoto

Koolmoto — Mon, 22 Apr 2024 18:38:19 +0000

In reply to rsotc. The wavers say 1st wave down is the weakest -> 2nd wave up (we may be in it now) -> 3rd wave down is the strongest.

By: rsotc

rsotc — Mon, 22 Apr 2024 17:52:52 +0000

Basically a “W” pattern or small IHS (inverse head & shoulders pattern) on that QQQ 5m chart. Here are the 15m charts of /NQ & /ES with some potential bounce targets for active traders. I continue to drive (long) with one foot on the accelerator & the other hovering just above the brake, looking for a reason to close the bounce longs and/or reverse back short as I continue to suspect this rally will get sold into just as the massive start to become convinced it might have some legs.