As my previous idea states I am going to share my re-entry on the TQQQ strat this time .
There is some signs of bullish price action here and looks like we might pull off a wedge pop here soon . A wedge pop is when the price pulls back above the 10/21 ema's .
Personally the entry will be when the price closes above the TQQQ stop will be vs the low of that candle and or the 21 ema . Usually whichever is less . There is another signal too and that's the 50 sma . Which is currently above the 10/21 . I suppose you could participate in both events maybe if you wanted to play it safer you could take a smaller weighted position on this first signal and a larger one on the 50 sma ? Anyways everyone's preferences are their own and its important to know yours to respect risk tolerances .
will update if a position is taken , have set an alert above too ..
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would be great if we could put in a higher low on daily before re-attempting a wedge pop to work some supply out of the pipe first. I think that increases the odds of a successful run and hold above ema's
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I have entered early as a day trade ( normal Strat is on close of daily but we are looking like today will probably rally so I figured I would try to catch an early move as a day trade .. )
I bought at 6.43 after we broke above resistance , paused and continued up , fixed 0.5% stop was used
( Will scale out half at 1.5R and try to trend follow the res with a trailing stop off the 10 minute TF ) I am going to keep the trades separate so this is more of a day trade and is not in line with TQQQ trend following Strat (because that needs the close) . I am however using the same account, so if day trade works out I will essentially close the daytrade and open a fresh swing trade on close
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Ok stopped out on the second half of tqqq day trade will likely enter on swing strategy before close today ...we currently have a buy signal , lets see how we look at close ...