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TQQQ trade ideas

Take profits, Prepare for possible BULL trapwww.tradingview.com So just a friendly reminder that we are still in a bear market so be extremely careful trading against the trend! I closed my long position a little early to manage risk. This is what i'm seeing, the last few large candle sticks have lacked volume behind it, which means we lack BIG money. TSV showing signs of weakness and bearish divergence MFI has went over sold and in the past this marked a pivot point to lower lows Let me be clear i can't predict the market all i can do is prepare for it. The area we are in a happens to be a strong resistance are, we also had a very strong run up without any pullbacks which concerns me. I can't say forsure if we will see new lows but at the very least a good pullback to previous support which is $19.50 area Elliot wave calls for another wave down but elliot is not always perfect you have to adapt to the chart and find where u are. We Could have completed the wave 5 which means we could see high highs, to possibly the 50% or 61 fib levels, but for now i am keeping the wave 4 narrative Happy trading and god bless I will also share how i came up with the elliot wave narrative www.tradingview.com www.tradingview.com
NASDAQ:TQQQShort
by sethsalazar70
3
TQQQ at the close Well everything is going as predicted, i sold SQQQ at the close to manage risk and lock in profits, even though there is a high probability of going to the downside i'm not going to be greedy. So looking ahead we are forming a head and shoulders on the 1hr time frame with the shoulder area being a high volume / support area ,$19.88-$19.29 as of right now the q's are selling off due to apple's earnings but there is a lot of time from now and tomorrow, things change and we need to make sure we change with them. That being said if we break the support @$19.65 and retest i'll be jumping back into SQQQ , if we consolidate around that area with the obv moving to the upside there might be a long position there, keep in mind we are at the 61% fib level which is a critical psychological level of support Another thing to look at is your tsv bars, they are reducing in size which means less sell volume also your obv is starting to consolidate, no longer moving down which means buy volume is starting to increase with the possibility of a temporary reversal Last thing wave 4 is usually the longest pullback so even if we get another bounce it could be short lived before going back to the downside. Still maintaining my bearish view but just wanted to share my thoughts on alternative scenario that could play out but unlikely thanks god bless
NASDAQ:TQQQ
by sethsalazar70
5
SPOOKY OCTOBER!! Why i think we will see new lows! 1. So looking back on the chart when the MFI has hit over bought it has been a good time to short the market, in a downtrend when things become over bought it usually represents a good shorting opportunity 2. If you go back on our last leg down we hit a wave 4 @ the 38% fib level with a descending wedge breakout then dropped to new lows to wave 5 before rallying 3. We had obvious divergences on the MFI( started trending down as prices moved up) also on the tsv( your volume was decreasing) 4. I don't expect earnings to be any good this week and the market will react in a negative way, after earnings are done we should be priced in for the rest of the year, that being said i think november will be our rally month This is just my opinion, now there is a bullish scenario to this, if we can manage to hold 19.50 support we can maybe see higher highs but as for now i see a lot of resistances, Please if u have a different opinion i would love to hear it, thanks Happy trading and god bless
NASDAQ:TQQQShort
by sethsalazar70
4
UP, UP AND AWAY FOR TQQQLets go baby, we are at the bottom, making new lows! Only way to go from here is 62.90 by July! -SPECIAL NOTES- 1. I trade this stock with a very small percentage of my money, I am not dumb. 2. There is a ton of controversy on this stock, in my opinion it should only be day traded, not long term due to volatility decay. 3. Since there is so much misinformation on leveraged stocks, I decided to test $50 every 2 weeks from my paycheck and buy like a robot. NO EMOTIONS INVOLVED. This is a Dollar Cost Averaging (DCA) strategy I am choosing to do. 4. Please be careful with your money and don't go all in because I said the stock is going to go up, it is still just guessing and learning. Thank you!
NASDAQ:TQQQLong
by WarrenPuffett_SR
2