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TQQQ Trade Idea & Entry

Based on the fact that both QQQ & SPY have fallen to key support level while oversold, TQQQ (3x long Nasdaq 100 ETF) offers an objective, but aggressive long entry here around the 56.73 level for a bounce target up to 63.02.

TQQQ 60-min Oct 10th

TQQQ 60-min Oct 10th

The sole price target for what I expect to be a relatively quick (1-3 day) counter-trend trade is 63.02 with a suggested stop on any move below 55.10. While I would normally reduce the suggested position size down by a one-third to account for the 300% leverage, the unusually short-term (expected) duration of this swing trade coupled with what I believe to be an above average R/R profile on this trade is favorable enough to go with a suggested beta-adjustment of 0.60. Risk-adverse traders should pass if this does not mesh with there trading style, objective or comfort level.

2018-10-10T15:44:40+00:00Oct 10, 2018 3:44pm|Categories: Completed Trades - Long|Tags: |9 Comments

9 Comments

  1. Dazi October 10, 2018 3:46 pm at 3:46 pm

    CanNOT access it!

  2. FrancisQ October 10, 2018 3:49 pm at 3:49 pm

    What QQQ level does TQQQ = 56.73 corresponds to?

    • MattChartier October 10, 2018 4:00 pm at 4:00 pm

      according to the gap shown on the chart above the matching QQQ level is 178.5

    • rsotc October 10, 2018 5:48 pm at 5:48 pm

      Not sure but TQQQ 56.73 should be around QQQ 173ish or so. All my charts are time-stamped (lower-left corner) so you can pull a 1-min chart or time & sales & check to see where QQQ was trading at 3:42pm EST.

      • FrancisQ October 11, 2018 4:00 am at 4:00 am

        Thx. Sorry to ask such daft question.
        Given time, i would able to find out without any problem. But as market moved so fast and furious, and with the keeping of my eyes on my flurry of trades of SOXX, QQQ, SQQQ, DWT, TQQQ in the afternoon, it’s just easier and quicker to ask you. 🙂

  3. Jeff V October 10, 2018 3:54 pm at 3:54 pm

    Bold

    • rsotc October 10, 2018 5:58 pm at 5:58 pm

      Certainly bold but it’s all about risk vs. reward as well as identifying objective levels to go long & short. We closed just slightly below some very key support levels today with QQQ crossing into oversold territory on the daily time frame for only the 3rd time in over 2 years, with the last two oversold readings back in early Feb & early March proving to be the best buying opps of the year. Doesn’t guarantee success on this trade but does skew the R/R to the near-term to the long side IMO.

      I will also add that due to the clear bearish developments on the daily & weekly charts recently, I am only looking for a quick bounce trade & then out or at most, I will set a trailing stop & let it ride, that’s assuming they don’t rally the futures between now & the open tomorrow or else this trade might be stopped out at the open.

  4. DadIsABum October 10, 2018 6:40 pm at 6:40 pm

    Randy entered TQQQ at 54.35 in after hours, maybe your already out of the trade, but kind of targets should I be looking for?

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