Not going to lie, I just added 100 sqqq on the first flag after the reversal. This is my standard entry and where I should have waited for, the first time. When I start sweating the open profitz I will post here and hopefully the board will haze me for being weak. I need to learn how to hang on like a true billionaire!
Position back in the green, and now I'm in the psychological danger zone. Shifting chart timeframe now to MAXIMUM DURATION! Weekly bars only, during market hourz.
"During the sixteen years that I was at the company, and I worked with Bill [O'Neil], he rarely ever looked at daily charts. He was focused more on the weekly." - former O'Neil Portfolio Manager David Ryan
Logged on this morning to update the wave count and saw this. It's getting real. This is nothing compared to my salary but losers are always psyched out by hot women and fresh benjamins. I'm no different.
Ok, here goes. Loser thought # 1. Same thought killed my winning position last time when QQQ was at the top of its range about a month ago and I was heavy SQQQ. On the hourly chart it "looks" like it should bounce from the bottom if its channel, and I would normally take profits here. However this has been the wrong move. This situation could be different because now we're way down range on the daily chart, but as long as we keep seeing flags for the bear trend it's still safe to stay short. I think....
Position has retraced a little, and this is why I always take profits quick. All trends of importance still down (hourly, daily, weekly). 5 minute and 1 minute showing signs of a reversal. The longer trends have been obliterating these small scale bounces all year....
Add to your position. Even if you just add ten shares, add to it. Monthly, quarterly, yearly all down. Why are you looking at anything intraday? Why not make daily bars your shortest bar chart?