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TQQQ trade ideas

what would continuation toward contango look like?spot is having a time catching up with price, and this is one of my favorite derivatives. if the turnaround is going to continue to break out, and we pull back to a comfortable level keeping the uptrend daily i would follow the uptrend with leverage. im excited about the current daily pattern being a sign that a snap back to the bulls could happen tuesday, and im also excited about a lot of potential shorts of equity in the index. im just as excited about going long around emas and trendlines holding bull in the overall index. using fib im aiming for bear weekly highs as well as the 1 and the 1.618 as long as we are beating the regressive bottom and accute trend angle.
NASDAQ:TQQQLong
by cerealpatterns
6
TQQQ update Heres my Elliot wave count for TQQQ We may go lower tomorrow then a hard bounce to fill the gap, now this resistance has been hit 4 times.. If we hit it again theres a good chance we could break it and that would take us up to around $24.5 range, resistances get weaker the more times they are hit so watch for breaks and volume. If we Fill the gap with a hard rejection i believe we are headed down to the $20.20 range. This would be a correction after the wave 5 to 50 to 60% fib level.. This week is huge with earnings and the fed meeting so expect a lot of volatility, there is a chance we move sideways until the fed meeting
NASDAQ:TQQQ
by sethsalazar70
1
TQQQ update lease check my last post, we are right on track. To keep this brief: Elliott wave update i changed wave 5 to 3, i believe we are in a temporary corrective phase and targets are posted. The 38% is my target area at gap fill, most likely a flat correction Currently we are at resistance attempting to break, we broke through the $17.40 level but watch for a retest of that level before moving forward. TQQQ looks very bullish at the momment, macd cross just below the 0, TSV are showing high buying power and MFI is overbought, small time frames we are showing signs of a temporary reversal downward and i mean temporary. I believe pre market we will sell off hard then rebound even harder. If u can tell every time we hit the overbought level we have a temporary downward movement We predicted this reversal due to multiple divergence on the TSV and macd . MFI is overbought on the 1 hour and the 15 min is showing signs of weakness I think we will drop hard in pre market and recovery quickly. this reversal will be temporary so don't get greedy. Now alt scenario.. This could be the alt wave 5 which means we could move much higher Thanks god bless
NASDAQ:TQQQLong
by sethsalazar70
4
TQQQ update after CPIWe expected a bounce... this big? honestly no. The gap fill was my original target @ $18.81, it hit and acted as resistance then broke through. We are currently sitting at resistance @ $20.21, i believe monday will be a red day considering some of our indicators are bearish. If we drop down to the $18.81 expect a bounce, i believe we will try and test the downward resistance line @ $19.61. (Decision point #1) if we break expect a retest of the green trend line. Elliot wave: Staying with my original count with this being a wave 4 retracement, if we move any higher that will invalidate the count and we would be looking at a wave 5 retracement instead of a 4. It looks like a flat and zigzag correction, If we break higher C is the next target sitting at 127% fib extension for the zigzag. It's rare for a wave 4 to break this high but it is possible Indicators: MFI currently overbought with divergence Tsv: Decreasing volume ever since the previous high creating a divergence Overall i'm bearish but i think there is a legitimate argument that we could go higher so watch break of structure and volume. Thanks God bless
NASDAQ:TQQQ
by sethsalazar70
6
TQQQ - Price Targets & Stop Loss📈 What’s up investors! 📉 Welcome back to another one of 💡“Mike’s Ideas”.💡 I post as I find signals… these signals are based on the personal rules I have built and follow in order to make up what I call the “SST Strategy”. Follow for more ideas in the future!! I have 4 levels marked and colour coded on the Chart. These levels are: ⚪ White = Entry Point 🔴 Red = Stop Loss 🟢 Green = 1.2:1 Risk Reward Ratio 🟡 Yellow = 1.5:1 Risk Reward Ratio 🔵 Blue = 2:1 Risk Reward Ratio 👀 So what are we looking at today…!!! 🚨( TQQQ ) ProShares UltraPro QQQ🚨 The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the fund's investment objective. The index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The fund is non-diversified.
NASDAQ:TQQQLong
by sststrategy
TQQQ update So far everything is playing out perfectly, we had our bounce due to selling exhaustion. We are currently at our first resistance $19.20. If we break this resistance there is a good chance we break up to the $20.72 to complete our wave 4. Now keep in mind it's christmas time, typically we rally so if we do break higher i won't be surprised. Eliiot wave: We are currently in a pullback creating our wave 4, we can potentially go as high as 20.33 and still be a valid wave 4 before heading back down to wave 5 sitting at the $16 range. Indicators: MFI: We continue to move towards the oversold condition, that being said we can still move higher. TSV: Continues to paint green candles but if u look at lower time frames divergences are appearing. ADX: The adx is not respecting this current uptrend, its headed lower which means this leg up lacks strength Patterns: We broke the uptrend channel, looking to possibly retest the previous support. Thanks God bless
NASDAQ:TQQQ
by sethsalazar70
2
TQQQ updated TA Preparing for next week. As yall know I sold my SQQQ position at $19.60 support range, I'm looking for another short position. This is what I'm seeing 1. Overall we are still in downtrend so I'm only taking short positions 2. We broke 2 previous supports we are currently retesting the $18.40 - 18.20 range, with the bigger resistance being the $19.60-$19.20 range 3. Currently we are bouncing off support and looking to break our first resistance, if this done we might be headed towards the $19.20 range 4. If you look at the adx its not responding to the current uptrend which tells us this is just a pullback from over selling pressure 5. The MFI is not oversold yet which means we could see a small continuation upward. My entry requirements, I would like to see the MFI go over bought and the adx continue to trend down if this happens and I get a negative macd crossover ill enter my short position. As this happens the TSV bars should be getting smaller with a 0 line crossover. thanks, God bless
NASDAQ:TQQQ
by sethsalazar70
10
TQQQ after CPI I don't know yalls current situation but right now I'm sitting on cash. In order for you to become a good trader you have to lose, when you lose you learn a lesson and you turn those lessons into a set of principles that you follow. Follow them. So this CPI data release could have thrown a wrench in our original Elliot wave.. I said COULD.. From looking at the chart i created another uptrend channel, we buy in the green sell at the red We talked about the potential of the wave 1 and 2 in the last post and whatever happened today will set the new Elliot wave count and it did Currently their is no reason to get overly bullish so for now Big picture we are sticking with the original wave count, but there are sub wave counts we can trade. Next trade I'm looking for is the wave 4 pullback, this one will be a little risk but again I'm following my rules if doesn't work out I'm good with it. Currently the ADX and MFI are both respecting the uptrend, but watch the MFI closely it might create a bearish divergence that will take us to the wave 4 TSV matches prices action I do apologize for how busy the chart is Please if yall have any questions let me know I would love to hear them Thanks God bless
NASDAQ:TQQQLong
by sethsalazar70
TQQQ at close We hit the wave 4 target that we talked about in the last post... where are we going???????? honestly i have no clue but this is what the chart is telling me.... We are in a larger time frame pull back.. Y'all already know the elliott wave count it's pretty much stayed the same the last couple of days... Right now i see wave 5 coming.. ADX is detecting a weak downtrend which tells me that we are in a pull back not a new impulse wave.. that could change but as for now thats what im seeing.. Scenario #2 would be what everyone wants.. the bull market to return.. yes inflation reports have been positive but a bullish market, low unemployment and booming economy is not what the fed wants. Regardless we are gonna make money in a bull or bear so it really doesn't matter. Thank yall God bless
NASDAQ:TQQQ
by sethsalazar70
2
TQQQ update mid terms Well we talked about hitting this level in our last post and the target was hit, again I'm only looking for short positions. (Below 200 ema) Currently we are overbought on the MFI and if u look back this has marked a good opportunity to short the market. TSV started showing bearish divergence ADX validated the trend. Which is bullish but still a little early to confirm Currently I'm seeing a bear flag unfolding and I have the target on the chart. Bullish scenario here is that we created a wave 1 and 2 and target being the $24 range. I don't see this playing out unless the cpi data comes in better than expected on Thursday. I also listed the sub wave count for this last leg down Do yall like the daily updated or should I just update the previous ones? If yall have a different opinion I would love to hear it thanks god bless
NASDAQ:TQQQShort
by sethsalazar70
7
TQQQ These next moves will be dictated by the PPI report, If better than expected we have the Green scenario. If its worse than expected we have the red scenario. Elliot wave: Nothing has changed, I believe we are still in a wave 4 correction, with low volume. We hit the 38% fib level which is a very common fib level for wave 4. We are showing signs of bearish divergence on the macd which could play out tomorrow or next week. We are officially trading below the 200 ema. If we break the ascending trend line it is highly likely we see new lows Good luck yall God bless
NASDAQ:TQQQShort
by sethsalazar70
2