ProShares UltraPro QQQUpdated FRIDAY intra day pattern
Assumptions: For 6.24.22
1) 52 weeks SMA
2) Remove all Fridays preceding holiday/3 day weekends
3) Weighted Moving average for last three weeks of June, and continue WMA moving forward
4) Weights: 52 weeks SMA (.55) June week 1 (.1) June week 2 (.15) June week 3 (.2)
5) Moving forward, 10% WMA on each new week.
6) Chop Zones in red show times with low movement/price in range where it might be dangerous to initiate new trades.
7) Even if pattern itself doesn't hold true, the swing points may hold true. Simply inverse the pattern.
Patterns are built using data exported from Trading View Premium. Thank you TV.
1) 52 weeks SMA
2) Remove all Fridays preceding holiday/3 day weekends
3) Weighted Moving average for last three weeks of June, and continue WMA moving forward
4) Weights: 52 weeks SMA (.55) June week 1 (.1) June week 2 (.15) June week 3 (.2)
5) Moving forward, 10% WMA on each new week.
6) Chop Zones in red show times with low movement/price in range where it might be dangerous to initiate new trades.
7) Even if pattern itself doesn't hold true, the swing points may hold true. Simply inverse the pattern.
Patterns are built using data exported from Trading View Premium. Thank you TV.
Trade closed: stop reached
Post-Mortem Analysis:On Friday, we had a clear break in trend. Be on the alert to see if this continues going forward. In their nature, moving averages are lagging signals. And patterns can always change and vary, otherwise the Market wouldn't move.
2) Even thought we had a reversal in Friday's morning pattern, the day's swing low point at 11:25 was still correct. This shows the potential value of charting the patterns. As when they significantly deviate, we can still look for swing points.
I'll continue to monitor intra-day patterns this week, and see if this Friday should be averaged into the model, or if it should be discarded, or a new model created.
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.