After clipping the suggested stop by a mere penny at yesterday’s highest 60-minute candlestick close, QQQ was officially stopped out & will be added back as a new short entry here around the 131.27 level with the same price targets as the previous trade. I will once again use a very favorable R/R of 5.2:1 with a suggested stop of any move above 133.10. The suggested beta-adjustment for this trade at this time is 1.0.
QQQ 60-minute March 2nd
This 60-minute candle, the highest closing candlestick in yesterday’s rally short-squeeze highlighted on this zoomed in 60-minute chart of QQQ closed at 131.62, a mere penny above the suggested stop of any 60-minute close above 131.60 (i.e.- 131.61 or higher). I discussed this in last night’s market wrap video stating that since I did not catch that yesterday & modify or suspend the stops yesterday, that previous Active Short Trade on QQQ will now be moved to the Completed Trades category, stopped out for a negligible loss of 1.67%.
QQQ stop raid March 1st
Also as mentioned in yesterday’s video, QQQ will be added as another new Active Short Trade with the same price targets although I’ve removed that larger, purple uptrend line/alternative target & cleaned this chart up a bit. For those that are either bullish on the market & looking to buy the dips or those only interested in shorting a quick & minor pullback, I have listed 3 minor support levels (S1 – S3), any or all of which could produce a reaction if/when hit.