I saw the monster support on the 137ish bottom today on QQQ and decided to sell all of my put positions and go big QQQ. I bought 5 of the 139 strike July 21 QQQ calls. I got in this morning around the opening range of 138-139 range. I paid 2.05 for each call, so roughly $1,000. I have already ridden a good part of the move up and they are already ITM. They are currently worth 2.80 a piece. I currently have a profit of $375 on these contracts. I plan to take 2 off at around 143-145 range, and if it wants to break out, all the way up to the 147-150 range. I will take them all of on any large pullback in the first target range.
I also arrived at the same prediction, but I used a very different method. Can you please tell me how you came up with the big red support line at 137.11 ? Is it just based on the 77.6% retracement?