Bounce this morning on TQQQ
Updated
* I have charted the AM Highs and Lows. For the last couple of days, the market has tapped both of these endpoints. Look for the market to tap these again.
*Pitchfork analysis says we are trending up this morning. Look for market to tap the AM High, then possible retrace.
*Pitchfork analysis says we are trending up this morning. Look for market to tap the AM High, then possible retrace.
Trade closed: stop reached
As we approached market open, the market began selling off quickly. This required a change in strategy to follow the trend. Following it back down to the AM Lows. After Powell released his statement reiterating the FED direction, the market turned back up. The pattern was clear and easy to follow. If you were doing simple trend trading with moving averages, you would have had a successful day. That said, my initial analysis was wrong. I thought we would open with a bounce up, but that was based on early morning price action.
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.