%% Maybe , maybe not / new hi by SEPT; TQQQ, QLD,qqq, going up again, dont know if its green up this week, we will see 30 minutes /+ 'till close.........................................
Not dead yet, cash close looks to my half drunk eyes as a gap closure and rejection, so just maybe we head lower next week.
But you didn't - because you didn't think the market would rally this far. And that's why you didn't take profits, either. I adviced you to get out on Wednesday because I anticipated a huge rally of the lows. As far as I'm concerned, your trade was actually banked, but you messed up by not trailing a tighter stop when the market was 80 points away from your target. You had a second chance about 90 points from your target, but still, no go. Levels overshoot and undershoot. The next time you have 500 + points of profit - better make sure you don't give back most of it because you need that final tick and lock in some gains instead. Consider this: It's easy to have a larger unrealized profit and think you're playing with 'house money' since you took out the initial risk of the trade, but at that point, the money is actually yours to take off the table and put in your pocket. Putting a breakeven stop on a 550 + point trade to bank another 80 points is actually risking 550 points to gain 80 points. It's not a trade you would otherwise take, I think.
Thanks. With all due respect, there is no such thing as THE method & THE strategy. We trade how we see fit, we make mistakes, we learn, we adapt, we move on. What you may have done is not necessarily an optimal strategy if market continued to decline. See what I mean. Have a great weekend pal.
I'm long three contracts MNQ for the weekend. I couldn't resist. I think it will see 13810 or better, Sunday evening or Monday morning. If not, Mrs Monster will tell me "I told ya so" even though she didn't tell me anything.
Crikey! I've just spotted the same signal I saw on daily chart on the weekly! Totally counter trend, but it's usually solid. I know it's an uptrend, I'm not THAT thick, but this thing is solid usually for reversals. Let's see what happens.
The entire market is due for a"de-froth" pullback at the very least. Hopefully you are right and the other indexes follow a bit because trying to buy anything worth buying at nosebleed levels isn't terribly comforting.