SQ PT 05/2021This is a fantastic daytrading vehicle. Knowing this, I will be swinging calls. Play smart and safe, much love.
SQ3 trade ideas
SQ classic ABCD pattern with strong earnings will test 275 againSQ has been hammered along with the rest of tech/semi/fintech for the past 2 weeks. With IWM classic bounce off upward trend line with volume and SOXX reversal due to oversold conditions, I can see tech and semi bounce this week for a bull run back to highs. Energy money will flow back to tech while it rests due to overbought conditions and job numbers being abysmal this past Friday. Be cautious of Dow and S&P, it needs to rest but not get sold to maintain uptrend.
Don't fight the WORM, Ride ITWe act upon the stories we tell ourselves in our heads.
Make sure the stories you have are aligned with the market reality.
So here is another story, the market trend is like the WORM from the movie DUNE, when it comes, you don't stand in its way, you let it pass you and then you jump on its back, holding on with your hooks.
LETTING IT take you to your destination.
------------
We SEE the worm
We UNDERSTAND the worm
We TOUCH the worm
We ARE the WORM
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SQ idea
Currently bear flagging on the daily and weekly timeframe with possible ascending triangle setup.
Potential breakout play above 280 zone.
Below the 200 zone potential bear trend.
Bullish Iron Condor with 64% PoP for 41% profit at eventMax profit: $291
Probability of Profit: 64%
Profit Target relative to my Buying Power: 41%
Max loss with my risk management: ~$200
Req. Buy Power: $709 (max loss without management at expiry, no way to let this happen!)
Tasty IVR: 53 (high)
Expiry: 43 days
Buy 1 SQ Jun18' 190 Put
Sell 1 SQ Jun18' 200 Put
Sell 1 SQ Jun18' 290 Call
Buy 1 SQ Jun18' 300 Call
Bullish Iron Condor for 2.91cr with +4.82 delta
Stop/my risk management : Closing immediately if daily candle is closing outside the box, max loss in my calculations in this case could be 200$. Probability of loss in this way: ~20% .
Take profit strategy: 65% of max.profit in this case with auto sell order at 1.02db. Probability of profit this way: ~80%.
Of course I'll not wait until expiry in any case!
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Targeting $250 on Market FearGreetings All,
I"m very short-term bullish on SQ with at $250 Target, based upon Support / Resistance and the 2H RSI being oversold. I opened a 240/242.5 Call Debit Spread this afternoon. Be careful with earnings, since IV tends to drop on after the release. SQ may drop further to $217, and then $203. I'm LONG at both price points.
Happy Trading!
SQ Range Estimate using Options IVIn 2 days SQ will release its earnings.
Trying to estimate what moves SQ can do, we can use implied volatility of options.
SQ moving sideways for some time, according to the information that is priced at options prices looks like sideways movement will continue.
Elliott Wave: Throw-over of Wave (5)SQ appears to be finished a complete 5 waves sequence
And the 5th wave broke through the upper line
There should be a larger correction after that
likely failed H&S topAfter failing to hold the H&S top (see $253, top of right shoulder) it re-visited the ATH and returned back to the $250-253 level. Earnings very soon.
We are looking at potential double top currently.
Violation of any of the 1stddev lines (~$240-260) should indicate what's next.
$SQ Technical Analysis$SQ KEY LEVELS
White Lines = Supports
Yellow Lines = Resistances
Purple Line = Point of Control
SQ looking strong hereSQ has shown strong support at the $241.89 and $236.01 levels (Support/resistance- Pink lines) and has held its upwards trend. Looks to be consolidating at the moment and has been hovering in the RSI oversold range- if SQ can break and hold above its first resistance level at $256.76 will be looking for a breakout.
PT1- $264
PT2- $75+
SQ next leg upMaking Higher highs and higher lows, If we can clear this zone (258 - 259) we can try the next resistance area at 264
SQ Long William Alligator : the stock is currently in a bullish position because the candlesticks are above the Teeth, Lips and Jaw and the lines are “eating with an open mouth” this indicates that the stock is in a strong uptrend.
RSI : the line is under 70, so the stock is not overbought.
Candlestick patterns : there is a bullish engulfing which is a bullish confirmation.
Overall : it can be interesting to take a buy position on this stock because the indicators indicate that the price is increasing. Entry price is higher than the current price for assurance and stop loss is set at -5%.
$SQ if earning is Big surprise then 300-340 or 160Wide Consolidation from 200-280
Bullish key: 256
Bearish key : 225
I love this volatility! Retrace to $250?Greetings All,
SQ is a $$$ making machine - that is if you sell options! Now that SQ has closed the $270 gap, it may close two smaller gaps created in its recent ascent. I'm targeting a retracement to the 20MA (blue) or 50MA (orange), which is between $235/$240. If we can get to a 78% retracement to close the gap at $218, it would present a great entry.
SQ is bullish. I'm simply swinging options between the highs/lows of this volatile money maker.
Happy Trading!
SQ Weekly UpdateSQ closed at $246 on Friday, if it can break through $250-$253 tomorrow then I will be playing some weeklies 04/30 exp.
