Look at the two bars ranges back around 11:30am. We can always find what we are looking for. Confirmation bias. The trick or better yet skill is to find what we are not looking for.
%% I agree with most of that/ especially since OCT is nicknamed by Stock Traders Almanac as ''bear killer'' More risk + reward for both sellers + buyers, due to OCT wildness. SQQQ , as you may have noted/ makes money on QQQ downtrends \so, main trend is down + medium trend[50dma] is still down, on QQQ. Frankly, nice gap down on QQQ today WED OCT 5= gap up on SQQQ..... Panic sellers of QQQ favors SQQQ; i see more panic moves to upside with SQQQ,than gradual ; but i dont watch 1 minutes charts much.
I’ve started watching both 1 and 5 minute charts today. 5 minute seems to help me avoid shakeouts that are fake outs. Just a small trade today on SQQQ, made $100. I think I’m done, it’s religious holiday, feeling like I shouldn’t trade today. So I’ll end the day with a profit and just reflect on God, life, and moving averages
%% Good points; I like the OCT calendars with Yom Kipper, World Missions Sunday, Columbus day/Thanks Day Canada, day still on them[may be hard to find that on internet WOW]. OK by me if they put national Taco day on OCT , but amazing how so many, are trying to edit out important days Printed out a 6 or 7 day QQQ candlechart, May 2002 bear\ all the days were down, +below 50 period moving average; except one day QQQ was up10%+ above 50 period ma on 30 minute candles. QQQ was in $30-$33 trend area, with12- 15 million/ 30 minute QQQ volume bars.
you mean 2 trades...one to open and one to close? that's 2 trades. how many days have you been trading sqqq beside today? if it is one day...do you think you can repeat this in the foreseeable future?
It was a breakout, it can fail or it can pull back for a long entry. Don't concern with the why but with the what. Have setups and rules and don't try and figure out the meaning of life every time there is a move.