QQQ looks bullish, classic C&H on micro time frame - Volume matches pattern 4:1 Profit potential. TQQQ for 3xLeverage= 18%-20% possible profit / 4-5% possible losses
***Be Careful -Negative CPI data on Thursday will cancel any bullish moves - lots of volatility & market manipulation to finish this week
Everyone is so Bearish right now.. this is the contrarian move... watch out for the composite man or woman
Proper entry: wait for break above resistance with large buying volume - *set your stop losses
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bigger volume came in to break above the neckline *I was hoping to see Volume about 20% larger, but so far the pattern is in play. ***Tomorrow CPI : we will see major manipulation with the reading- I would take 30-50% profit on big gap up and move stop-loss higher or You could sell 290 calls with Mid Feb Expiration as protection. (if Price moves up 5%)
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So far so good... Will we fill the gap then drop..? or will we pull back tomorrow? *VIX dropping by more than 10% in a session : 85% chance that we have a down day within the next 2 trading days. good chance of impulsive move up with rejection. ** Major resistance zone + 20 WMA and 200WMA (279/278)
Be prepared to take profits and or protect position tomorrow
Hell to the motha fuckin yeah - i was charting hardcore the last 2-3 hours - mostly the IWM - then started looking at the qqq's and my jaw dropped - glad to see this was the most recent idea! confirmatonal bias doenst exist am i? right
Black_Sheep1
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@arich1282, Yeah, the media & overall sentiment has been extremely bearish calling for 20% drops this week. China re-opening is helping to calm future inflation prices, High Yield Corporate Bonds are accelerating to the upside, DXY plummeting (dXY bounce soon?) .... - we have Bears trapped for continued push up to $280-$285 ***I do not believe we will make new highs I think Earnings or some Fed B.S. will drop Markets towards end of Jan or into Feb for the final leg down of this Market Correction. What are your thoughts on Markets - One more leg down or did we bottom?
jdgpro
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The bear side of the trade is overcrowded and could start a squeeze.
Black_Sheep1
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@jdgpro, Just Speculation Here ---Bull to Bear set-up Idea : current Cup and Handle Short Squeeze rip to $290 area then Drop....
peterbhc
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I am watching the inverse head and shoulder pattern and that 1H MA resistance. make or break zone for sure
Black_Sheep1
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@peterbhc, Do you think will we have a big pullback tomorrow (Friday the 13th) or will we gap-down over weekend for a rough start to the week? - lets see how earnings play-out tomorrow.
peterbhc
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@Black_Sheep1, I am expecting a pull back could be tomorrow