60min QQQ Chart

Discussion in 'Trading' started by Trend Fader, Sep 5, 2003.

  1. 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
     
  2. chart
     
    • qqq.png
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  3. 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
     
  4. 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.
     

  5. lol... I am talking about the QQQ..
     
  6. 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?
     

  7. $1 point on the QQQ is a %3 move. That isnt a scalp. And $1 is my min. target.




    --MIKE
     

  8. 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
     
  9. richk

    richk

    Yea, I set up also correction type trade for QQQ and SPY but entry is after breaking last days consolidation supports.
     
  10. Try using today's S&P PIVOT:

    1026.30

    :p
     
    #10     Sep 5, 2003