TQQQ ahead of fed meeting 11/2/2022
Updated
Traders it's gonna be a exciting week, so start preparing now.
There is potential that Wave 4 is not complete and we could move up towards the 50 or 61 % fib level, mind you those levels are not typical in a wave 4 especially with a extended wave 3 but it can happen.
On wednesday the fed will announce the next fed rate hike, i don't see the market making big changes until then, if they announce another .75 hike (which is likely), i see the market selling off. If they announce a .50 or they talk about being less hawkish in the future i can see the market selling off initially but recovering fast just enough to break the ascending trend line or maybe retest our support at the $20 range. This will liquidate long positions and open the door for big money.
Now obviously i'm not against idea of new lows i think it's very possible but it's important to always have a plan B, If we start getting rejected off the ascending trend line with good volume i'll be looking to short. If we break above the neck line with good volume i'll be looking to long. Volume is critical here, if you see large candles but lack volume there's a good chance its a fake out.
If yall have a different opinion i would love to hear it.
thanks God bless
“If you fail to plan, you are planning to fail!”
― Benjamin Franklin
There is potential that Wave 4 is not complete and we could move up towards the 50 or 61 % fib level, mind you those levels are not typical in a wave 4 especially with a extended wave 3 but it can happen.
On wednesday the fed will announce the next fed rate hike, i don't see the market making big changes until then, if they announce another .75 hike (which is likely), i see the market selling off. If they announce a .50 or they talk about being less hawkish in the future i can see the market selling off initially but recovering fast just enough to break the ascending trend line or maybe retest our support at the $20 range. This will liquidate long positions and open the door for big money.
Now obviously i'm not against idea of new lows i think it's very possible but it's important to always have a plan B, If we start getting rejected off the ascending trend line with good volume i'll be looking to short. If we break above the neck line with good volume i'll be looking to long. Volume is critical here, if you see large candles but lack volume there's a good chance its a fake out.
If yall have a different opinion i would love to hear it.
thanks God bless
“If you fail to plan, you are planning to fail!”
― Benjamin Franklin
Note
Getting rejected off the ascending trend line, no softening at the moment.. here comes new lowsNote
This is why you prepare and you don't fomo into thingsNote
Like and follow for more trading updates :) thanks god bless
Trade closed: target reached
Sold sqqq, i know it's probably early but we are at a previous support and again my job is to make money and manage risk, if we go overbought today or tomorrow ill jump back in.. thank y'all!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.