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arich1282
Feb 23, 2023 10:35 AM

QQQ Looking super double toppy ish right now - almost text book Short

Invesco QQQ Trust, Series 1NASDAQ

Description

So im looking at a textbook look at a double top pattern and this set up looks to be almost identical - There's going to be a drift higher before the fade really comes in. That may be in the form of a slight green day Thursday into Friday but I would wager that Friday is gonna start a blood bath. Worst case scenario Monday its going to drop off for a nice money maker move.

you can play a few options here that give decent time and are reasonably priced and will most likely allow for even better entry before the drop off.

Casino Style: exp 2/24 $295 PUT

Risky but cheap and might payoff big: exp 2/28 $290 and $295

Reasonable across the board in terms of time and cost -- exp 3/17: $280, $285, $290

3/31: $280 - should provide little worry and good % back on money

ALL THAT being said - as soon as the PT of $285/$284 is hit its time to bounce - that's what ill be doing - obviously with some of the longer exp you could hold longer...

forextraininggroup.com/wp-content/uploads/2016/11/Double-Top-Chart-Example.png

I tried to put the image on here of the textbook pattern but couldnt figure out how so heres the link

Comment

2/24 PUTS for 295 strike paid out big with the big flush down to $290 the day after this post so thats nice.

Price action still griding sideways on the 4 hour and daily so ample time to add to the longer put postions
Comments
Bravetotrade
Hey, You just need to take a snapshot of the chart by clicking the camera icon next to the publish button. Then click copy link to the chart image and paste the link in the description. The snapshot will be pasted in the description. I hope it would help.
arich1282
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