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QQQ Swing Trade Idea

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QQQ Swing Trade Idea

QQQ (Nasdaq 100 tracking ETF) offers an objective but aggressive entry for a swing trade around current levels. The price targets are T1 at 160.20, T2 at 163.84 & T3 at 166.94 with the potential for additional targets, depending on how the charts develop going forward. The suggested stop is a close below 152.00 with a suggested beta-adjusted position size of 1.0.

QQQ 60-min Dec 20th

QQQ 60-min Dec 20th

While this is certainly a counter-trend trade without any buy signals, with all major US stock indices at or very near key support with bullish divergences on multiple time frames, coupled with the above average R/R on this trade, makes a long entry at this time favorable. Another, more conservative option would be to begin scaling into a position in QQQ while taking a fraction lot here & adding to the position in periodic intervals over the next 3 - 5 trading sessions. Using that strategy, one would use their average cost coupled with their preferred price targets(s) in determining their stop loss. Those not comfortable with the uncertainty of using a stop based on a daily close might opt for a hard stop or a stop based on a 60-minute close.

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2018-12-20T14:50:50+00:00Dec 20, 2018 9:55am|Categories: Completed Trades - Long|Tags: |8 Comments

8 Comments

  1. campbellholland415 December 20, 2018 10:07 am at 10:07 am

    small position I’m in QQQ stop set .. fingers crossed

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  2. campbellholland415 December 20, 2018 10:22 am at 10:22 am

    daytrading TVIX to offset any loss here… long and short essentially

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  3. shokaibarif December 20, 2018 10:37 am at 10:37 am

    I believe QQQ T3 is mislabeled.

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    • surerefund December 20, 2018 11:16 am at 11:16 am

      It looks like that QQQ T3 is $167.04. @rsotc

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    • rsotc December 20, 2018 2:45 pm at 2:45 pm

      Yes, T3 was a typo, thanks for pointing that out. T3 should be 166.94. I fixed the typo in the post above & will update it on the chart in when the next update is posted.

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  4. campbellholland415 December 20, 2018 11:52 am at 11:52 am

    Catching a falling knife! My computer freezes just before my 3rd TVIX long entry and needed a total reboot. Man , just not my day. See you guys tomorrow . 🙂

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  5. surerefund December 21, 2018 9:34 am at 9:34 am

    @rsotc When I look at QQQ hourly chart at 4:00 pm on 12/20/18, both PPO and the price action made a lower low. Do we still have a bullish divergence?

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    • rsotc December 21, 2018 2:50 pm at 2:50 pm

      On the daily chart, yes, but not so much on the 60-min other than the RSI from the same previous reaction low on the daily chart.

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