The entry price on yesterday’s untriggered QQQ short trade setup will be revised to current levels, 188.65, with a revised stop of 194.35. The sole price target remains 169.68 for now & the suggested beta-adjusted position size remains 1.0.
QQQ daily Aug 13th
I just returned to my desk from an appointment earlier today so I’m going to post a video and/or additional charts & commentary on the stock market as well as my thoughts on today’s far-from-unexpected timing of positive news on the trade war in what I believe to be a direct & intentional attempt at foiling a larger correction which was & still is already price into the charts. As always, pass on any trade that does not mesh with your own outlook for the market, risk tolerance or comfort level.
I’m new , When you say “priced in the charts” could you explain what you mean by that?
Welcome, Garleto! I explain that in detail in the video that I just finished & will be posted soon but basically, it means that there has been enough clearly bearish developments in recent months, weeks & even days that the odds still favor that the market most likely headed at least another 10% lower before it rallies 10% or more. I would put favorable odds that QQQ will fall to that 170ish level within the next month or two, quite likely within just a few weeks and favorable odds would change to very high odds if SPY & QQQ are… Read more »
Entry price is below 188.65?
No, the entry price was posted to be at current levels, as I’m expected a fade of today’s news-induced pop. QQQ was at 188.65 when I took a screenshot of the chart to post & right now (11:48 am) it is trading at 188.28, which I still think offers an objective entry.
I just wrapped up a video with coverage on the broad market, focusing on the QQQ trade which will be posted shortly. Apparently, my data feed from my TC2000 charting platform may have been showing an incorrect low of 183.52 on QQQ at 3:02 pm EST yesterday shortly after the index made a low for the day & then drifted higher into the close as today that platform is showing a revised low of 183.50. I’ll have to verify that low but at most, it means that trade triggered an entry & was stopped out today in which case this… Read more »
Hi Randy, I am a new user here. What charting system you use? I want to use MT4 but not sure which broker is giving good stock/etf feeds. Any pointers please?
I use up to a half-dozen different charting platforms as they all have their own pros & cons. Most (but not all) of the black charts in my videos & the screenshots posted are from the TC2000 charting platform. For those that only run one or two monitors & don’t trade full-time, I usually suggested starting with your broker’s own trading/charting platform vs. purchasing a subscription for a stand-alone charting program. For example, TD Ameritrade’s Thinkorswim platform as pretty good charts & includes all (or most) exchange fees for stocks, ETFs & even futures without any monthly fees. I’ve heard… Read more »