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Dust Yourself Off & Try Again

NASDAQ:QQQ   POWERSHARES QQQ TRUST
115 0 2
In our latest blog post, the subject of trading losses is discussed, with an emphasis on establishing rules and having a trading plan in place in order to overcome hurdles and facilitate one's long term success in the markets.

For the detailed blog post, please refer here: http://www.syncubate.com/blog/2014/7/16/dust-yourself-off-try-again

This chart on QQQ             is an example of framing a trade, such that one has a plan of action ahead of time and is thus not blindsided by entering into a market that is uncharted. Losses often occur when you simply are unaware of what you are trading.

The QQQ             , which closed at $95.89 on 7/16/14, is now up over 14% from the mid-April lows.

Interestingly, there are some signs now on the daily chart of the trending move in favor of the bulls losing its momentum.

-DMI is creeping up as the bears come out of their caves. Also, the ADX line is no longer rising.

Additionally, although we are seeing higher highs in QQQ             over the past few weeks of trading, bearish RSI divergence is evident, as RSI is making lower highs.

Support areas are drawn on the chart, reflective of prior breakout points and congestion zones.
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