60min QQQ Chart

Here is why I am shorting the QQQ. Check out the chart attached to the post. You can see the market is tightening up.

I am betting we will break down and be good for atleast a $1 pullback on the QQQ. Right now I am short a few thousand shares and continue to add to my position.

This trade is a multi day swing trade.


--MIKE

 

chart

 

If we do break down out of the pattern shown in the chart above.. I will add my final leg of the position..

I am looking to short around 3000 shares total. The reason I am using QQQ.. is because of its scalabality as oposed to NQ.


--MIKE

 

A DAILY CHART that goes back over a full month, with trendlines that really don't add any value to the 1 Point SCALP that you are positioning yourself for?

Doesn't make much sense.

 

lol... I am talking about the QQQ..

 

Either way, it doesn't add a lot of value when you are simply trying to SCALP 1 point out of the QQWQ's.

I can understand your point regarding "tightening-up", but the trendlines leave a lot to be desired.

How about some moving averages on a smaller duration chart, say 15 - 30 minutes?

 

$1 point on the QQQ is a %3 move. That isnt a scalp. And $1 is my min. target.




--MIKE

 

WHats more desiring ... Moving averages? stochs? macd? And all the other bullshit that never makes any $.

To me its all about the price action. On the 60min chart the QQQ is forming a rising wedge and is tightening up. I am anticitaping a breakdown of atleast $1 point.


--MIKE

 

Yea, I set up also correction type trade for QQQ and SPY but entry is after breaking last days consolidation supports.

 

Try using today's S&P PIVOT:

1026.30