QQQ Cup & Handle Set-Up
Updated
QQQ looks bullish, classic C&H on micro time frame - Volume matches pattern
4:1 Profit potential. TQQQ for 3xLeverage= 18%-20% possible profit / 4-5% possible losses
***Be Careful -Negative CPI data on Thursday will cancel any bullish moves - lots of volatility & market manipulation to finish this week
Everyone is so Bearish right now.. this is the contrarian move... watch out for the composite man or woman
Proper entry: wait for break above resistance with large buying volume - *set your stop losses
4:1 Profit potential. TQQQ for 3xLeverage= 18%-20% possible profit / 4-5% possible losses
***Be Careful -Negative CPI data on Thursday will cancel any bullish moves - lots of volatility & market manipulation to finish this week
Everyone is so Bearish right now.. this is the contrarian move... watch out for the composite man or woman
Proper entry: wait for break above resistance with large buying volume - *set your stop losses
Note
bigger volume came in to break above the neckline *I was hoping to see Volume about 20% larger, but so far the pattern is in play. ***Tomorrow CPI : we will see major manipulation with the reading- I would take 30-50% profit on big gap up and move stop-loss higher or
You could sell 290 calls with Mid Feb Expiration as protection. (if Price moves up 5%)
Note
So far so good... Will we fill the gap then drop..? or will we pull back tomorrow?*VIX dropping by more than 10% in a session : 85% chance that we have a down day within the next 2 trading days. good chance of impulsive move up with rejection.
** Major resistance zone + 20 WMA and 200WMA (279/278)
Be prepared to take profits and or protect position tomorrow
Trade closed: target reached
Close your positions
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