krugman25

QQQ - Bearish Rising Wedge - Ready to Drop

Short
NASDAQ:QQQ   Invesco QQQ Trust, Series 1
The case for the bearish rising wedge strengthened today as a bearish hammer has now formed off of the upper channel of the rising wedge . This market has been very strong as of late but the overhead resistance, rising wedge , and now bearish hammer should not be discounted. I think risk is to the downside right now (higher probability) unless price as able to push above this rising wedge (lower probability).

To learn more about my trading strategies check out http://www.tradingwithkrugman.com
Comment: My latest analysis on this setup

https://www.tradingview.com/chart/NQ1!/x...
I have launched a new DeFi focused YouTube channel called Level Up! DeFi that will focus on tutorials and livestreams http://youtube.com/c/levelupdefi

Comments

I'm 58% loss QQQ Jan 25 160 PUT - time to count the loss and move on or still hope of drop?
Reply
krugman25 adrianbogdan
@adrianbogdan, It sounds like you are long the put?

If so, I don't have any advice to offer because I sell options rather than buy.
Reply
adrianbogdan krugman25
@krugman25, Fair enough, thanks!
Reply
krugman25 adrianbogdan
@adrianbogdan, No problem. Best of luck! I know time is not on your side with long options. I have a lot of short delta in NASDAQ so it hope it drops quickly for both of our sake.
Reply
adrianbogdan krugman25
@krugman25, true :-) good luck to 2
Reply