The Trend is your friend until it ends. I do not impose my will onto the market or any stock; instead, I jump on the trend for the ride.
I began with my Trading Plan:
1. Determine the current trend of the market by observing the VIX and news (FOMC conference 21 SEP 22)
2. Entry Point Setup/validation (may change based on the market) for a Long position near a key level of support, such as the Daily Pivot on the 1hr, 15M, and 2M charts.
3. Target Point (Profit Zone) Setup for the Long position below the key level of support or Pivots.
4. Ensure to Enter the trade as the index crosses or trades above the CCI momentum line or >50 RSI.
5. Monitor the Macro (1 hr) chart and 15M charts for any possible Divergence.
For this particular trade, I plan to scalp $QQQ until it fills the Gap near the 21 EMA or Daily Pivot. I suspect the market will pullback a bit and we will watch the next support levels and DEMAND opportunities to ride the trend.
I began with my Trading Plan:
1. Determine the current trend of the market by observing the VIX and news (FOMC conference 21 SEP 22)
2. Entry Point Setup/validation (may change based on the market) for a Long position near a key level of support, such as the Daily Pivot on the 1hr, 15M, and 2M charts.
3. Target Point (Profit Zone) Setup for the Long position below the key level of support or Pivots.
4. Ensure to Enter the trade as the index crosses or trades above the CCI momentum line or >50 RSI.
5. Monitor the Macro (1 hr) chart and 15M charts for any possible Divergence.
For this particular trade, I plan to scalp $QQQ until it fills the Gap near the 21 EMA or Daily Pivot. I suspect the market will pullback a bit and we will watch the next support levels and DEMAND opportunities to ride the trend.