I've decided to short the QQQQ here today. Charts are very big... please provide your comments - I'm always willing to learn. I'll be posting a set of 3 charts (Long Term View, Medium and 60 minutes). Here's the first chart
Looks similiar to what I have on my screens. I also then pair the 30 and 5 min or go to the 10 min and 2. Also, my stock universe seems toppy. I find there are usually a bunch of good stocks to get into as I leave owned stocks. This time around, I do not see many flawless stocks.......makes you go hmmmmmmmmm.
my outlook is perhaps a little longer than yours but I put on a May Bear call spread ...strikes... short42/44long (calls) for a credit of .85 on Apr 21.....reasoning May is historically week and tech esp has been acting very poorly this earning seasons. GL to both of us...you'll prob in and out much quicker than me
Not a bad credit on your call spread. I haven't traded the QQQQ's all that much. Is this typical of the kind of credit you can expect on the QQQQ's?
You probably heard the advice: trade with the trend (or stay out). All your three charts show QQQQ in up trend. By entering short here you're picking a top. You may be right, but you could also choose to stay out. You don't have to trade QQQQ now. Price action includes thrusts, reversals, resumes, retracements, congestion / convergence / centering. The probability of success diminishes from left to right in this list, so as your skill level improves you can take trades beyond thrusts (trade with the trend).