NASDAQ/ QQQ heading for correction
This is a Daily chart of QQQ.
With a cup patterned form but the handle is not looking like a typical pattern, I'm favouring the weak momentum to the downside.
Since this is a counter trend trade, always trade with watchful eyes and set proper stop loss. I'll also implement target profits.
It might still have another up day tomorrow, and price might touch the 20MA at 328 level.
Work out your risk-to-reward carefully and enter when there's a reversal pattern at 4H chart.
If you have any symbol that you'd like me to analzye, just leave me a comment!
Thanks!
With a cup patterned form but the handle is not looking like a typical pattern, I'm favouring the weak momentum to the downside.
Since this is a counter trend trade, always trade with watchful eyes and set proper stop loss. I'll also implement target profits.
It might still have another up day tomorrow, and price might touch the 20MA at 328 level.
Work out your risk-to-reward carefully and enter when there's a reversal pattern at 4H chart.
If you have any symbol that you'd like me to analzye, just leave me a comment!
Thanks!
Comment:
(Disclaimer: not giving any trading & investment advise. Just sharing views)
Comment:
Hope to see more selling pressure by the end of the day or latest tomorrow.
If it doesn't, then we have to be cautious
If it doesn't, then we have to be cautious
Comment:
Not liking the turn around now. If the sellers doesn't come in later in the afternoon, then I believe it's heading back up. Will reassess again then
Comment:
Great! Selling pressure is back!
Trade closed: target reached:
just had a low at 300.11
I'll consider this target profit 2 hit!
I'll consider this target profit 2 hit!