https://rightsideofthechart.com/qqq-preferred-bounce-target-hit/ Stock Trading, Investing & Market Analysis Tue, 26 Jun 2018 17:54:42 +0000 hourly 1 https://wordpress.org/?v=6.9.4 https://rightsideofthechart.com/qqq-preferred-bounce-target-hit/#comment-4661 Tue, 26 Jun 2018 17:54:42 +0000 https://rightsideofthechart.com/?p=187434#comment-4661 Looking for a likely breakdown below this 5-minute rising wedge pattern & failed attempt to take out the 172.63 resistance level with a late-session partial or full fade of today’s rally.

]]> https://rightsideofthechart.com/qqq-preferred-bounce-target-hit/#comment-4660 Tue, 26 Jun 2018 17:43:38 +0000 https://rightsideofthechart.com/?p=187434#comment-4660 thanks Randy! I just added back my shorts as well. Hope it works out as I wasn’t at my desk yesterday when the 30 min rally into close happened to take more profits.

]]> https://rightsideofthechart.com/qqq-preferred-bounce-target-hit/#comment-4659 Tue, 26 Jun 2018 17:40:42 +0000 https://rightsideofthechart.com/?p=187434#comment-4659 Essentially, it appears that the R/R begins to shift from bullish (long) to bearish (short) here at my preferred target. Shortly after the post, my tight trailing stops (5 & 8 points on my 2 lots of NQ) were hit & from there, I decided to reverse the trade by adding back the first lot of a new short position. My plan is to continue to scale short up to the R2 level with a stop set somewhat above the 61.8% Fibonacci retracement level (next dashed yellow line above around the 174.85 level, which is also price resistance). My trading plan for NQ/QQQ over the past two days & going forward looks something like this:

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