QQQ Looking super double toppy ish right now - almost text book
Updated
So im looking at a textbook look at a double top pattern and this set up looks to be almost identical - There's going to be a drift higher before the fade really comes in. That may be in the form of a slight green day Thursday into Friday but I would wager that Friday is gonna start a blood bath. Worst case scenario Monday its going to drop off for a nice money maker move.
you can play a few options here that give decent time and are reasonably priced and will most likely allow for even better entry before the drop off.
Casino Style: exp 2/24 $295 PUT
Risky but cheap and might payoff big: exp 2/28 $290 and $295
Reasonable across the board in terms of time and cost -- exp 3/17: $280, $285, $290
3/31: $280 - should provide little worry and good % back on money
ALL THAT being said - as soon as the PT of $285/$284 is hit its time to bounce - that's what ill be doing - obviously with some of the longer exp you could hold longer...
forextraininggroup.com/wp-content/uploads/2016/11/Double-Top-Chart-Example.png
I tried to put the image on here of the textbook pattern but couldnt figure out how so heres the link
you can play a few options here that give decent time and are reasonably priced and will most likely allow for even better entry before the drop off.
Casino Style: exp 2/24 $295 PUT
Risky but cheap and might payoff big: exp 2/28 $290 and $295
Reasonable across the board in terms of time and cost -- exp 3/17: $280, $285, $290
3/31: $280 - should provide little worry and good % back on money
ALL THAT being said - as soon as the PT of $285/$284 is hit its time to bounce - that's what ill be doing - obviously with some of the longer exp you could hold longer...
forextraininggroup.com/wp-content/uploads/2016/11/Double-Top-Chart-Example.png
I tried to put the image on here of the textbook pattern but couldnt figure out how so heres the link
Note
2/24 PUTS for 295 strike paid out big with the big flush down to $290 the day after this post so thats nice.Price action still griding sideways on the 4 hour and daily so ample time to add to the longer put postions
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