Potential Swing Trade TQQQMarkets are being supported by some key levels, for now it seems like we have some juice to move if we can move above resistance. Target on SPY approx. 410 range.
TQQQ trade ideas
TQQQ bearish setupSame breakout from bullish parabolic pattern, channel consolidation, then breakout from channel to the downside. Retest bottom of the channel (support becomes resistance) and from here, predicting a move to the downside.
tqqq update seasonality July 24th - Aug 3rd: -3.34% return
Elliott wave: Currently in a 5 wave correction, we either completed the wave 5 or we are currently in it. Expecting a rally either tomorrow or Wednesday to complete the B wave.
Structure: We just completed our first structure to the downside which tell's me there is now upside liquidity. We need to gap above $43.27 in order for longs to be in the equation. If we don't its gonna be hard for the bulls to take that level over.
If we don't gap above $43.27 its very possible we see new lows.
CHOCH @ $44.19
Look for support at the $42 and $41 level.
Short term: Down trend
Long Term: Uptrend
Stay blessed
TQQQ reversal shows early tech market recovery LONGOn the 15 minute chart TQQQ took a dive down through some relative volume voids
shown on the volume profile into a double bottom also showing a transition from
high relative selling volume into some decent buying volume . I can conclude that TQQQ
is in early reversal and will head the other direction through the same volume void which
could allow for a rapid ascent. While I made profit on SQQQ today, for tomorrow I
aspire to make money on TQQQ. I love volatility just as I loved yo-yos as a kid many years
ago. The concept of converting kinetic energy into potential energy has analogies in the
markets - coiling to store momentum and the triggering to unleash it. The chart shows
pertinent levels of the trade plan. As a bottom feeding grinder I am looking for 4% of range for
tomorrow .
TQQQ update Seasonality July 24th - Aug 3rd: -3.34% return
Elliott wave: Currently in a 5 wave correction, we either completed the wave 5 or we are currently in it. Expecting a rally either tomorrow or Tuesday to complete the B wave.
Structure: We just completed our first structure to the downside which tell's me there is now upside liquidity. If we break above $44.27 there is a good chance we see $46.50.
If we get rejected at $44.27 look for more downside to the $42- $41.30 for support
If we head higher tomorrow look for a gap up above $43.29 for a long position, if we dont gap above $43.29 odds are we are headed lower
Short term: Down trend
Long Term: Uptrend
TQQQTicker: Tqqq
• Seasonality PRE ELECTION YEARS July 28th – Aug 25th (Avg return -8.45% )
• SMC
Long term market structure: Bullish
Short Term market structure: Bullish
Bullish order block: $42-$43
Bearish order block: $45.41- $45.74
Breaker Block: $43.84 - $44.10
Imbalances: Upper $46.21 - $45.70 Lower $43.01- $44.59
Bearish CHOCH: $42.44
IDM sweep: yes @ $42.51
Next BOS: $45.72
• Elliot wave: ABC Flat correction
• Price Action
Support: $44.84 AND $43.89
Resistance: $46.57 AND $46.13
Summary: As for now nothing is screaming short besides stocks being overbought on multiple time frames, yes u can short here and get lucky and catch a good drop but that’s pretty much gambling, if you do it here you will do it on every pullback and not be so lucky, go with the trend.
TQQQ updateseasonality July 24th - Aug 3rd: -3.34% return
Elliott wave: Currently in a 5 wave correction, we either completed the wave 5 or we are currently in it. Expecting a rally either tomorrow or Wednesday to complete the B wave.
Structure: We just completed our first structure to the downside which tell's me there is now upside liquidity. We need to gap above $43.27 in order for longs to be in the equation. If we don't its gonna be hard for the bulls to take that level over.
If we don't gap above $43.27 its very possible we see new lows.
CHOCH @ $44.19
Look for support at the $42 and $41 level.
Short term: Down trend
Long Term: Uptrend
Stay blessed
2023/4: Surfing TQQQ - Awaiting Entry eta end June
Technicals:
1. RSI has probably peaked
2. MACD has probably peaked
Fundamentals:
1. None
Analysis:
1. Awaiting downward move for potential June Entry
The TQQQ and BTC/USD CorrelationThe BTC/USD (Bitcoin to US Dollar) and TQQQ (ProShares UltraPro QQQ ETF) can sometimes show correlation, though it's important to note that these correlations can change over time and are influenced by a multitude of factors. There are several reasons why this correlation might occur:
1. Risk Appetite: Both Bitcoin and TQQQ are considered high-risk, high-reward investments. Bitcoin is a volatile asset class, and TQQQ is a leveraged ETF that aims to deliver three times the daily performance of the NASDAQ-100 Index. Therefore, when investors have a high appetite for risk (often in a bullish or 'risk-on' market environment), both Bitcoin and TQQQ could perform well. Conversely, in periods of risk aversion (bearish or 'risk-off' markets), they could both decline.
2. Technological Optimism: The NASDAQ-100 Index, which TQQQ aims to amplify, is heavily weighted towards technology and innovative companies. Bitcoin, as a decentralized digital currency, is often viewed as a vanguard of technological and financial innovation. Therefore, positive sentiment towards technology and innovation could drive both BTC and TQQQ higher.
3. Market Liquidity: In times of ample market liquidity, such as periods of low-interest rates or quantitative easing by central banks, risk assets like Bitcoin and leveraged ETFs like TQQQ can be attractive to investors looking for higher returns.
4. Speculative Trading: Both Bitcoin and TQQQ are popular among speculative traders, given their potential for significant price movements. This common trader interest could lead to similar trading patterns and thus correlations in price movements.
However, it's important to remember that while Bitcoin and TQQQ can show periods of correlation, they are fundamentally different assets with unique risk profiles. Bitcoin is a cryptocurrency that is often subject to regulatory news, technological developments in the blockchain space, and changes in sentiment towards digital assets. TQQQ, on the other hand, is tied to the performance of a specific equity index (NASDAQ-100), and its performance will be influenced by factors like corporate earnings, economic indicators, and changes in interest rates.
Investors should consider these differences, and the potential for correlation to change or even disappear, when building a diversified portfolio.
Tqqq pullbackDon't trade against the trend. Are we over extended? yes. But do what the chart is telling you not what you feel. So that being said these are buying areas.
Don't buy blindly switch to a lower time frame and look for either a v shape recovery or a descending channel with a breakout that take out the previous high.
Good luck
Shorted TQQQ @ 41.65 Look at the daily stoch turning over finally what a run qqq doing is this the end will see.
Look at the vol on buying getting less running into resistance lets
see we can continue down rally up make lower high
Stop @ 43.52
TQQQ - Rising Trend Channel [MID -TERM]🔹Breakout 44 resistance and next resistance at 47.
🔹Technically POSITIVE for medium-term long-term.
Chart Pattern;
🔹DT - Double Top | BEARISH | 🔴
🔹DB - Double Bottom | BULLISH | 🟢
🔹HNS - Head & Shoulder | BEARISH | 🔴
🔹REC - Rectangle | 🔵
🔹iHNS - inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
WavePoint ❤️
Short the NasdaqWas charting TQQQ so will just use this chart. I am -2% on a small SQQQ position but adding here. Arguably a double top. If it gets out of that channel possible violent drop I dont want to have to catch. 50% position, will add if we go up. Stops at acceptable loss. Not advise.
Nasdaq POP before dumpShort target from the falling wedge has been reached. TQQQ has been on a steady downtrend it may be time for some relief up to the CC around $20-$21.
TQQQ - Rising Trend Channel [MID TERM]🔹TQQQ has broken the rising trend up in the medium long term
🔹Broken up through resistance 39.
🔹Support at 39.
🔹Short-term momentum is positive with RSI above 70.
🔹Technically positive for medium-term long-term
Chart Pattern;
🔹DT - Double Top | BEARISH | 🔴
🔹DB - Double Bottom | BULLISH | 🟢
🔹HNS - Head & Shoulder | BEARISH | 🔴
🔹REC - Rectangle | 🔵
🔹iHNS - inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
WavePoint ❤️
Nasdaq Positioning. Haven't made an IDEA on Trading View in forever. Probably over a year somewhere.
But today I bring trading view a new idea to witness. And my participants to view my ideas in real-time.
So during this bear market, I wanted to accumulate an equity asset at the pits of the bear market bottom.
My research drew me into the product $TQQQ.
a Triple leverage Nasdaq instrument. I have used this instrument during the covid sell, buying the bottom at around 15-17.00 and holding long-term to nearly 100.00. I do believe that idea is on my page if you search for it.
Next, Market conditions have begun to shift tides. As much drama we have around our economy, there are some underlining changes, that could justify the potential projection of price for the Nasdaq for higher prices.
So since I started this position in Q4 of 22. It was to accumulate shares and Calls equivalence of 1,000 shares of $TQQQ.
Calls being 25 Strikes End Jan 2024 Leaps at 4.00 each or less.
And shares average price cost for me is about 22.75 with all the times I accumulated under and around 24-20.50
This will be the position I hold long-term for the year. Accumulate lows and ride highs and keep your average price as low as possible. While accumulating slowly and neatly on the best opportunities.
I will continuously update this idea. as time progresses.
TQQQ - Nasdaq based ETF - At 100% key zone!TQQQ - Nasdaq based leveraged ETF - TQQQ is at the 100% key zone from the discount zone! If there is a pullback, then we can do it all again, repeat? We are expecting the markets to recover over time and exceed the all-time highs just based on the history of the market. Time is the variable we cannot predict? When will price break the all-time high? 3 months? 6 months? 1 year? 2 years?
TQQQ - Rising Trend Channel [MID TERM]🔹TQQQ shows strong development within a rising trend channel in the medium long term.
🔹The price has risen strongly since the positive signal from the double bottom formation at the break through resistance at 23.69.
🔹The short term momentum of the stock is strongly positive, with RSI above 70.
🔹Overall assessed as technically slightly positive for the medium long term.
Chart Pattern;
🔹DT - Double Top | BEARISH | 🔴
🔹DB - Double Bottom | BULLISH | 🟢
🔹HNS - Head & Shoulder | BEARISH | 🔴
🔹REC - Rectangle | 🔵
🔹iHNS - inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
WavePoint ❤️
Market Notes : Rest Needed Last few sessions we have seen continuing strength and many names doing well but we started to become extended per my gut om the 25th of may and since than have grown more extended , I am long TQQQ, ELF , BRBR, WGMI , SMH and BOTZ and 3 of these names have recently put in what I refer to as UCB's or "upper channel breaks".
Typically there is a 75% chance with UCBs that we will see price re enter the channel and visit channels lower trend line within 5 bars on highest visible timeframe UCB is seen on , in this case it's the weekly , so there is good odds , statistically speaking here , that within a 5 week period we will revisit the channels lower trend line .
Having said that we are seeing a new bull market form and there is always the 25% chance that the UCB is successful , maybe it is a slightly higher probability at this time that the UCB works because it could be an earlier move in a larger theme up.
Besides all the UCB's we see happening on key groups and names , I also like to watch the percent from 10 ema vs price and usually since I have a dedicated strat for TQQQ I keep an eye out for 10% or greater distance from 10 ema to price and have come to expect pullbacks around this area or at least some consolidations ,yesterday we closed above this 10% threshold from ema getting us into the extended area and today we opened 12.9% above and have since declined back to the 10% area .
Even if the UCB holds Mr Market needs some sleep and rest , maybe a visit to the Scandinavian spa to steam out and have some hot cold treatments ♨️.
I am attaching some pics here of some of the UCBs occuring now I am watching and or long a few previously noted . I am personally fully de risked on many of them though with half of the positions open on SMH/BOTZ and 2/3rds on TQQQ. Although tempting to just take profits now , knowing the odds with UCBs my system is not set up for that so I am going to more or less not worry about the UCBs but I will expect and hope for some needed rest for things .
One other thing , I also track the net trading positions of IG traders and COT futures data and without going to deep into this part , I will say , in the past week we have seen a big change in sentiment and names or indices that were extremely net short since Nov 2022 have just switched to either 50/50 balance or some even net long , although SPY has held out ( net short ) . But huge shift there worth noting, the shorts were very helpful to get the market up but I think that since things are switching over closer to net long or 50/50 , that we might crowing to the long side now or starting to.
I am contrarian with these things so with the UCBs and the change in Net shorts closer to net long basis , I think this adds to probability of a reasonable pullback likely here . But make no mistake , we have come leaps and bounds since Oct 2022 and we are in a stage two uptrend , any pullback helps to distinguish names and groups with good RS and create good risk reward opportunities ( potentially) .
