For those of you who trade "inside days", you might note that QQQ last week was a narrow range, inside week. It pushed above last week's high today, but didn't takeoff as the run from this morning was absorbed. I am looking for a pullback and bullish intraday pattern for a long trade. Conversely, if Tuesday sees a move back into last week's range, I would be looking for a bearish intraday pattern for a short trade. Either way, I think we will have a good move to trade in the next few days. Good luck all.
I had it on my radar screen. If we don't gap up or make a strong move from the opening, I would be looking for a reversal back down. Right now, I think this is the high probability scenario (based on my other indicators), but I won't trade it until I see it!!! Good luck.
Interesting - I don't follow "counter-trend" Tuesday's. Can you explain? Is it every Tuesday you look for a "counter-trend"? Is this the sam concept as looking for counter-trends at certain hours during the day?
If the first 20 minutes of the day are any indication, you could be right. So, a failure to take out the top of last week (or, sustain a move above it) and a reversal that takes out the low would be very bearish, correct?
well how low do you think it will drop ? I am starting to get nervous about this rally. Typically that means its not over yet, but is entering the blow off phase.