TableLamp

A BEARISH BAT PATTERN FORMATION on the QQQ 1-HOUR chart

Short
NASDAQ:QQQ   INVESCO QQQ TRUST
Hey all!

As you see in the chart, a BEARISH BAT Pattern has formed and overstrecthed to the point where it is close to invalidation. THIS TRADE IS DEFINITELY YOUR CALL IN TERMS OF RISK-TAKING. MY personal opinion is pattern is still valid and stretched to the point where it makes risk-to-reward ratio even better. Since the pattern is over-stretched, it is easier to put a tight stop-loss. Because price going higher means that the current trend is strong.

I don't see any problem if you have a tight stop loss. I marked profit taking levels. 0.382 retracement is right around the gap-up and 0.500 retracement is right around the gap. I think a gap fill is the most likely scenario. To be safe, you can take some profit at 0.382 and rest of it at the 0.5 level.

Have a great rest of the week!
Comment: We got the validation this morning witha huge gap down. We hit the 0.382 target and there is no sign of reversal at this point. I don't think that this move will end until we fill the gap.

Comments

Good idea. Thanks
+1 Reply
Good idea
+1 Reply
Good
+1 Reply
Nice gap fill down to 272, could happen tomorrow
+1 Reply
Nice chart
+1 Reply
What Indicator/oscillator is this if i may ask?
Reply
I showed this to a friend, the placed BUY and made 3%.
Reply
Closing at 380 and back to 390 Monday. Watch for the upcoming head and shoulders
Reply
TableLamp wmadigan1
@wmadigan1, I didn't understand what you mean. Can you clarify?
Reply
I think it may bypass the .382 retracement tonight!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out