Upon further review of the charts along with other variables, I am revising the final target, T2, from 165.10 to current levels (164.62 or thereabout). This provides for a gain of 5.5% from the entry price of 156.02 less than two weeks ago. Previous & updated 15-minute charts:
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While QQQ could certainly continue higher in the coming days & week, with earnings season now getting underway & this trade providing a modest but relatively quick gain, the risk/reward is not as favorable as I’d like at this time to try to milk out another 3/10ths of 1% on this trade while risking a give back of profits, should the Nasdaq 100 suddenly reverse or find itself on the wrong side of a large earnings-induced gap or other headline risk.
While the Nasdaq 100 certainly has the potential to move higher in the coming days & weeks, a swing or trend trader might just opt to raise their stops to protect point while letting the position ride. The primary risk to such a strategy is the possibility of a large opening gap that bypasses any well-placed stop. This trade & all associated posts will now be moved to the Completed Trades archives.