Day/Swing Trade: $455 short target opened a short position on QQQ. looking for a support test of $455
entry $460.32
Stop $463.20
Profit Target $455
QQQ trade ideas
$QQQ #IslandBottom #BullishWith inflation coming in soft. Major Market Shakeout. And this Technical "Island" , we really could have set a temporary bottom in Tech.
My calls have been poop lately, lost on NVDA puts, broke stop rules, paid price.
#PerfectlyImperfect
-Proph
(I am human, sorry if anyone followed me, but I mention #StayLight)
$QQQ The Nasdaq is at a Critical level NASDAQ:QQQ at a Critical level
QQQ is at a critical level just above the 35 EMA. It's really easy to see how to 35 EMA defines either the app or the downtrend depending on whether we are above or underneath it. Watching this level carefully as this could be a place where the market rolls over for a long overdue touchdown with the one week 200 moving average currently at 352.
Long Legged Doji Candle Monday Close…I’m feeling that today’s choppy price action into a daily candle being a red long legged doji may lead to further sell off. Keep your eyes peeled, GLTA!
SPY/QQQ Plan Your Trade For 8-12: Gap/Breakaway PatternWatch this video to learn why the Vortex Rally is building a base and why it is important that price stay above the 0.382 and 0.50 Fibonacci price levels as the base forms.
You'll see how these Fibonacci price structures are key components to all of my research and how to use them efficiently.
Fibonacci Price Theory teaches us price is always attempting to reach new highs and/or new lows. Additionally, price moves in only two modes : Trending or Flagging.
When you completely understand the mechanics of price and how price attempts to operate (see above), then you can pick apart charts very easily.
Currently, price is moving higher (establishing new higher highs) and may attempt to break through the downward 0.382 & 0.50 ceilings as the Vortex Rally base continues to build.
Stay cautious this week as we may see extended price volatility. There will be a huge opportunity (sweet spot) for traders over the next 60+ days to catch more of this big Vortex Rally phase.
Get some
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
what will this week hold? Aug 12th - 16thonly time will tell but I think this week will show us a lot about the real strength to the downside
Consolidation before a big move?Just an idea I'm keeping an eye out for. Depending on the strength of price action and news, everything is subject to change. GLTA!
QQQ Bear Flag Trade IdeasQQQ is very similar to SPY as usual. Same bear flag and overall.structure. We have last week's highs above along with a gap fill and the top end of its bear flag. If QQQ.rejects from here, I'd expect it to go.back and test last week's low which is also the April low.
I can't stress the importance of the April low enough, there's a reason NQ saw two bounces at that exact spot. Bulls must defend that area or else. If we break below and stay below, that's a confirmed bear market in my eyes. Why? Because it would be the first major lower low on QQQ or SPY since October of 2023. That would mean the uptrend from then is now over and we'll move into a downtrend for.who knows how long.
The April low.is the difference between this being a correction versus an extended bear market that may accelerate faster than you'd think.
QQQ Set To Grow! BUY!
My dear friends,
My technical analysis for QQQ is below:
The market is trading on 450.55 pivot level.
Bias - Bullish
Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation.
Target - 467.96
Recommended Stop Loss - 440.00
About Used Indicators:
A pivot point is a technical analysis indicator, or calculations, used to determine the overall trend of the market over different time frames.
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WISH YOU ALL LUCK
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QQQ - another move downwardQQQ is retesting the trend line along with golden area of Fibonacci retracement.
targeting 423/412
good luck!
QQQ: Long Trade with Entry/SL/TP
QQQ
- Classic bullish formation
- Our team expects growth
SUGGESTED TRADE:
Swing Trade
Buy QQQ
Entry Level - 450.55
Sl - 438.41
Tp - 471.95
Our Risk - 1%
Start protection of your profits from lower levels
❤️ Please, support our work with like & comment! ❤️
Retroactive Fib study on QQQTrue to form, large volume and hot markets tend to respect fibs on longer term time frames. If you look at the 2021 swing high and 2022 swing low, you will note the golden ratio (1.618 fib) was the most recent local top for QQQ. This is how I was able to call relatively close local tops on both NVDA and TSLA. This does not always pan out, but if youre in a leveraged trade these are logical end points.
-QQQ has already come back to my momentum trend line (teal)
-I expect higher in general from here maybe 525 before a long slow bleed all of next year
Looking for this $455 gap closewe have to close this gap some how. we should move towards this gap today and either close it today or monday gap fill
QQQ Critical Resistance TestMuch line NQ, QQQ has an ascending channel/wedge. I consider this 450 area to be incredibly important for price action in the near future. This is similar to what we're seeing on ES as well. There are a lot of names that have retraced the dump from Monday and are sitting right where they started.
This is make or break for bears. Bears have not had the best time over the past year, but finally got some relief this week. I think we're at a critical spot where if bears can't hold, they're just going to get squeezed again. If they manage to push QQQ back down below Monday's and April's lows, they may finally turn this thing around and send it down for the majority of this fall.
QQQ - Couple Longs BROS OLED On a short term time frame (1 hour candles) the Q's are trying to break the 448 level we have spoken about earlier this week. I am daytrading the Q's right now long based on this setup with a tight stop at the lower end of the consolidation.
However that is not what this is about. I am taking position trades in OLED and BROS buying some stock, and also going long DITM Calls. Just cheaper than buying outright.
BROS
Long 100 shares @ 30.19
Buy to Open SEP20 25C @ 5.80
OLED
Sell to open AUG16 165P @ 2.23
Buy to Open SEP20 140C @ 30.89
I also added a few stocks to my long term portfolio buying
AMZN - Add
BLDR - New Position
OLED - Add
And selling some of my LMT just to trim into the rally it had.
QQQ - Closed for a LossClosed out the QQQ short and options trade. Taking my loss and looking for longs here.
As I mentioned 448 is the key level for bulls, taking it out after the open is a sign that the bulls have taken control and I need to get out of my short trade.
Losses are a part of trading, never be upset to take a small loss.
QQQ - Bulls Taking Control - Trading TodayQQQ is looking like the bulls are taking control here, which is not good for my short positions. Key level has been 448 for bulls and if we open above that out of the gate I will be considering closing my trades and taking my loss.
I may flip on the backside and look to sell some short term PUTSs expiring today as I really do not want to hold a short PUT position over the weekend with all the uncertainty going on.
Just a heads up for the daily trading.
In addition I am interested in a few stocks:
Dutch Brothers Coffee (BROS):
Love me some coffee and this one seems to be oversold here. Very range bound chart, but what is interesting about it is that every time DBC sells off it recovers. So looking at selling some Puts here to step in and or you can buy outright for a target of 39. Stop at $23.75.
Facebook (META):
With the market down 10% off its highs, META is only slightly down and now it is approaching the 520 level and taking out the high.
So if META is strong during bad times, if we get a market rally I would expect META to do very very well, so this is another on my list of stocks to trade today.
Universal Display (OLED)
Another quality growth company selling off on earnings, so I am looking to take a position here as well either selling Puts to step in, or buying outright.
Other than META these are all longer term position trades I am looking to sell in the future. These are not part of my core porfolio which does not turn over very frequently.
As for the trade, well you win some you lose some and as long as your winners are bigger than your losers you will make money!!! Again I will see where we are at the open and decide at that time. Not going to close out or cover a trade pre-market.
QQQ - Rolling Out 442 till TomorrowGoing ahead and rolling out my 442 short Call to tomorrow collecting another $1.80. Will see what we do tomorrow, but no harm in grabbing some more premium here.
Buy to Close Aug8 442 C
Sell to Open Aug9 442 C @ $1.80
QQQ - Options TradeSell to Open Aug8 442Call 2.81 one (1) contract.
This contract expires today so I like the decay on the contract, especially with the market trading right at the POC.
QQQ - Update - Not A Convincing OpenWell at least not horrible news on the unemployment front, but the market is not buying it. At this point the they come out with OK numbers and then are 11 for 12 in revising lower so the market is not buying the BS.
Also the chances of recession are increasing here, don't need to go any further than looking around at all the discounts companies are offering. Twelve months ago there were no deals on trucks, now they are offering incentives. Same with Motorcycles, 1.99% financing was not an option, now its everywhere.
Groceries are also coming down, look at meat prices, eggs, and dairy. Lower lower lower. With the exception of chicken thighs, they seem to be holding their own. Crappy because that is what I feed my dogs which are on raw diets ;(/.
Anyways, layoffs are starting to trickle in with the likes of John Deere, Dell, Wells Fargo and other large companies. These are good paying jobs with benies and this will trickle into the service industry. I mean seriously, we went to breakfast the other day and it was $35 for the two of us.
In short, I am not convinced and it looks like the market is not convinced this is a roaring economy. Also the rise in unemployment is starting to approach 5 and houses simply are not selling like hotcakes anymore. In our neighborhood in Florida, a house would be on for at most 3-5 days, not we have several that have been on 2-3 months.
This is the domino effect, anyone that can buy, is simply looking at the numbers and thinking, hmmmmmm in six months I can get a lower rate. This feeds into a housing recession. We are one of those, we just sold our rental and we are looking to buy another. However in order to avoid taxes through a 1033 exchange, we have to buy here.
So I may take a stab at selling some short term calls in the meantime. See where we are in a few and I will post the trade as I take them.
SMC tells me we are bullish for QQQBullish break of structure signaling a bullish premarket. I can see this run continuing and topping out at the EQHs of the previous 3 days. Moreover, if this gap doesn't get filled am we can see the top being swept before the sweep of the lows.
What's going on with QQQ and Tech?Here is what I have been tracking with my technical analysis. What we saw since the end of July is the AI bubble losing its momentum.
What happened?
You can see on June 24th where price gaps up above the long-standing blue trading channel from 2009 that contained trading from 2009 until the 2020 bubble.
You can see it gap down back into the blue channel on July 24th.
It found some support on the mid-line of the longer running black channel from 2009 that includes the covid bubble peak.
Then we got a test of the blue channel resistance on August 1st with a very strong rejection.
Then the bottom dropped out to break below the AI rally purple channel.
Where are we now?
The morning open on Monday saw a test of the red trend line with a strong rally to back above the 200.
We saw a test of the previous purple channel with a high wick on Tuesday.
Today (Wednesday) saw a strong rejection of the channel, where it looks like support has now become resistance. We saw the high wick touch the orange price line around $449. The good news is that the 200-day SMA is showing support again.
Where are we going (this is my guess)?
It looks like the market is trapped between a rock and a hard place. I think the 200 day and the red trend line are going to give QQQ support as long as there are no other panics.
It is unlikely that the AI momentum will be coming back either.
I think it is going to drift sideways for a few days before picking a direction. This means it may bounce up and down between the purple channel and the 200-day into next week. You can see the red down channel that has now formed.
If we do get a counter rally then I would expect it to stay inside the channel. That would leave us with a potential another leg down. The RSI is only a little into the oversold range. How far? My guess would be either the red trend line again, or maybe even farther to the center of the blue channel. We get down that low, then I have a bunch of cash to go long.
I just can't see why QQQ would rally back to ATH now. There is way too much uncertainty now, but markets are irrational. I could see QQQ working back up the underside of the purple channel until the end of the year, with a lot of up and down action.
I really do think that there is a bigger pullback sometime in the next several months. The market is just running close to the top of the decade plus trading channel and the AI bubble may finally become deflating some. I believe that we will see a touch of the center line of the blue channel in the next few months, which could be Nov or Dec time frame. That will give us a lot more room to rally and make some good money.
