TQQQ ahead of CPI report
Updated
I'm not gonna try and guess what the CPI data will be my gut tells me its gonna be higher but at that point I'm gambling.. If you wanna gamble go to las Vegas.. treat trading like a business am I willing to give back my 6%? no.
I sold my sqqq position early so I could be cash for this CPI report, as stated in the chart I have 2 scenarios posted. If its lower I expect the market to react in a positive way. If its higher I expect the opposite. Does the market always react the way I think it should? no
ADX is not respecting this recent downtrend (classifying it as a pullback) we need the ADX to increase if we want this downtrend to continue. Also keep in mind this is a lagging indicator so it might take some time
MFI is not showing oversold yet which could mean we still have more downside (continuation)
TSV bars are continuing to increase in size as price falls (continuation)
Watch volume closely, the last fed meeting we had a ingulfing green candle then a massive dump so waif for trend direction, In my opinion I think we are very close to a temporary bottom
I'm opened minded so as always let me know what yall think.
Thanks
God bless
I sold my sqqq position early so I could be cash for this CPI report, as stated in the chart I have 2 scenarios posted. If its lower I expect the market to react in a positive way. If its higher I expect the opposite. Does the market always react the way I think it should? no
ADX is not respecting this recent downtrend (classifying it as a pullback) we need the ADX to increase if we want this downtrend to continue. Also keep in mind this is a lagging indicator so it might take some time
MFI is not showing oversold yet which could mean we still have more downside (continuation)
TSV bars are continuing to increase in size as price falls (continuation)
Watch volume closely, the last fed meeting we had a ingulfing green candle then a massive dump so waif for trend direction, In my opinion I think we are very close to a temporary bottom
I'm opened minded so as always let me know what yall think.
Thanks
God bless
Comment
I don't know yalls current situation but I'm still sitting on cash, i will post a update a little later.Comment
Just completed wave 4.. wave 5 nextComment
24.55 price target for wave 5....Comment
big fed meeting tomorrow, it will determine where we go next
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