TQQQ trade ideas
TQQQ bearish interpretation, key levels to watchNew lows today, opens possibility to seeing lower lows, and a continued trend down in the coming weeks, while I still am long on some NAS names, I do not see any short term catalyst other than stimulus that can take us out of the rabbit hole. This is not investment advice, but I am taking measure to cut back on some net green positions, and look out below. Key levels to watch are 120 on TQQQ, 116.5, and 112. We could also see new lows around the 100s. Copyright Rohan Karunaratne 2020
Hedging short equities positions with $TQQQOne of two things will happen:
Many puts will be OTM, we rally
- I will consider closing positions whether they are in profit/loss or roll over
The PC ratio will continue to push forward
- I lose a bit on this but net profit on overall positions
Could this be a cup handle formation on the TQQQ?I'm a newbie to all this and I've been reading a lot about cup and handle patterns. This looks like a strong breakout to the up side for this ETF, what do you guys think?
TQQQ Trends heading toward US Elections and Black FridayI anticipate the elections to continue to exert downward pressure on TQQQ as forecasts predict an administration that is less business-friendly will take control, and begin legislating an environment that is less supportive of profits and rapid growth. I suspect a bear condition on TQQQ and the broader tech market to persist into the new year, and think short positions or inverse positions are likely the spot to be for the foreseeable future as it relates to tech.
TQQQ invalidation of last breakout count, consolidation neededOver stocks toppling today, last breakout scenario was broken. I personally added to some of my longs, and hedged more in GOLD and SLV, so hopefully if we continue to topple more, diversification should help. Additionally, DIA and SPY took way more of a substantial hit when looking at the overall indexes, if anything is going to recover first, its /NQ and TQQQ. Copyright Rohan Karunaratne 2020.
TQQQ successful break of trend, looking for a hold above lineWe were kind of left on a cliff hanger today, /NQ decided to try to run going into the close, and broke the trend line that was descending. Hopefully we can see that run continue into next week, and create a reversal opportunity. Copyright Rohan Karunaratne 2020
TQQQ - Hopin' to eek out a little at 141.25 then say goodbyeI see a downward channel the past few days on TQQQ and QQQ, an corresponding upward channels on SQQQ
Resistance around 135.40 on the downside.
Breaking move Up or Down out of trend coming soon.
Morning delight as the market rises, followed by afternoon drops seem to be the norm these days.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
TQQQ false break to the downside, still targeting 145Not the best move in the morning hours, got a fall to around the 134 region, but later in the day managed to climb back into our bullish range. My long positions still stand with the targets unchanged, I dont think the slight drop was an indication for a bearish case, if it continued lower, I may have contemplated going short. Copyright Rohan Karunaratne 2020
TQQQ Scalper PatternThere seems to be a pattern here. When a strong sell signal is followed by a buy signal, there are strong gains over the next few weeks. Also notice the Supertrend buy signals on 6/23 and 10/12. 6/23 was followed by a loss of ~15% followed by a 100% gain. 10/12 has now also lost ~15%.
/NQ invalidation of last 12345 structure, new bullish target 145Last structure was invalidated after break below wave 4 low, now looking for a pop above 145 in order to catalyze in 12345 structure. My target and positions still remain long. Copyright Rohan Karunaratne 2020
TQQQ testing Elliott Wave Count, target remains 160Need to say above wave 4 low in order to keep current count valid, so far so good in maintaining candles above. Target still stands at around 160, slightly adjusted Fibb levels. Copyright Rohan Karunaratne 2020
A few more moves upwards before the correctionThe previous trend was broken with an overshoot. The new trend has been established, but this time there is less room it can climb to before it has to come down to within the last 10 year exponential groth curves.
TQQQ completion of 12345 retracement, looking for wave 1 to 155Same count as /NQ, strong rally after reaching target for C, looking for wave 1 to 155 (micro scale), and big picture, completion of wave 5 to 160+. Copyright Rohan Karunaratne 2020
TQQQ perfect retracement, looking for wave 5 upFell within our target range, looking for cross above high going into Friday. Copyright Rohan Karunaratne 2020
TQQQ Exits Triggered TodayThis is my personal trading strategy, not trading advice. TQQQ triggered exits today, locking up more profit.
The two most likely routes tqqq will take.Alot of the market is giving some mixed signals, strange divergences stuck here and there, waves not wanting to perfectly line up, trends off a little, which tells me the market is still being cautious. Its easy to find reasons why, the main one points to the upcoming election. I came up with the projections with that in mind, and with the important dates in mind, by cross mapping fibbs to get the key spots it seems to be respecting and then analyzing its trends to connect the dots. I also analyze the global markets and cross reference the trend tendency's to get support these paths areas feasible from a outside perspective. I put a little more work in this theory then i would normally due to the circumstances of the current market, and feel very strongly this will be the roadmap we should be expecting. So I decided I would post it and maybe it will help someone somehow.
As always feel free to discuss , disagree, share your own theory or whatever floats your boat.
Good luck
