Here are some key areas for NASDAQ QQQ that many traders are likely watching. I try to stick to only drawing lines that appear to be "obvious" to every technical analysis trader. The more obvious they are, the more eyes are on them.
~$304 would be a great entry as we've seen this level used as support and resistance, both with with strong responses. If that doesn't hold, then $298 which is not too far away would be the next area of entry.
We may not reach these levels if today's break from the parallel-ish channel happens to be a fake out.
~$304 would be a great entry as we've seen this level used as support and resistance, both with with strong responses. If that doesn't hold, then $298 which is not too far away would be the next area of entry.
We may not reach these levels if today's break from the parallel-ish channel happens to be a fake out.
Trade closed: target reached:
Was 2 cents off from predicting the exact bottom.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
