QQQ - Trade Update - Biden Wins Debate According to the Experts
LOL as I mentioned the other day, if Biden wins the debate the market will pullback, if Trump wins, expect a fake rally and then a pullback. So with probably the worst showing of any presidential candidate in any debate, we got our fake rally and now it is time for the pullback.
Here I am looking at the daily chart and the pinbar forming is telling that there simply are no buyers at these levels. Sellers have control of the market above 485.
Now though we are a little in the red on our trade, I am not at all worried here.
1) We have a stop level to minimize losses.
2) The market is at a level where a 5-10% pullback is likely. (better than 50%)
3) Biden was so bad, it is throwing even more uncertainty into the markets.
So as I posted:
I am short 100 QQQ's outright (I may add to that position) and I am just holding here, not worried about the little bounce out of the gate this morning.
I am also:
short one 28JUN 476 C As it stands I am down $85 in this trade
short one 28JUN 480 C As it stands I am up $82 in this trade
So what do I do with these?
Well it is getting close to the close so I can do one of the following:
1) Roll it out another week
2) close them out
3) Take assignment of the contract (which would be acquiring a short position of 100 shares per contract)
There are some other strategies I could employ but these are the basic ones.
If I roll out the 476 Call I am only going to collect another 36 cents on this contract so I am going to let the contract be assigned and I may near the close sell a PUT for next week against this short. I may also just keep the position.
If I roll out the 480 I will collect another $1. That may be worth it and I will likely roll this out if it is still slightly ITM.
I will update around 3:45
So that is my strategy here, Unlike many guys throwing out signals, these are real trades I take in my real account. Not like those "fake gurus" who need mom to sign for the lease on their car and don't even have a trading account more than $5k.
Have a blessed weekend and good luck trading. Will update BTC also.
Here I am looking at the daily chart and the pinbar forming is telling that there simply are no buyers at these levels. Sellers have control of the market above 485.
Now though we are a little in the red on our trade, I am not at all worried here.
1) We have a stop level to minimize losses.
2) The market is at a level where a 5-10% pullback is likely. (better than 50%)
3) Biden was so bad, it is throwing even more uncertainty into the markets.
So as I posted:
I am short 100 QQQ's outright (I may add to that position) and I am just holding here, not worried about the little bounce out of the gate this morning.
I am also:
short one 28JUN 476 C As it stands I am down $85 in this trade
short one 28JUN 480 C As it stands I am up $82 in this trade
So what do I do with these?
Well it is getting close to the close so I can do one of the following:
1) Roll it out another week
2) close them out
3) Take assignment of the contract (which would be acquiring a short position of 100 shares per contract)
There are some other strategies I could employ but these are the basic ones.
If I roll out the 476 Call I am only going to collect another 36 cents on this contract so I am going to let the contract be assigned and I may near the close sell a PUT for next week against this short. I may also just keep the position.
If I roll out the 480 I will collect another $1. That may be worth it and I will likely roll this out if it is still slightly ITM.
I will update around 3:45
So that is my strategy here, Unlike many guys throwing out signals, these are real trades I take in my real account. Not like those "fake gurus" who need mom to sign for the lease on their car and don't even have a trading account more than $5k.
Have a blessed weekend and good luck trading. Will update BTC also.