QQQ bearish Head-and-Shoulders pattern confirmed
QQQ
has shaped Head-and-Shoulders formation on the daily chart. Daily downtrend confirmed, weekly consolidation has started. Please note that broad SP500 market is still technically in an uptrend, meaning that buyers are still strong. So if you plan entering SHORT on QQQ I would wait for a pullback to increase risk-reward. An example of possible trade is shown on the chart. Of course, it is important to monitor how things develop and make corrections if needed.
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Kommentera:
Day closed very well for the QQQ bears with a "falling star" candlestick. Moreover, hourly downtrend confirmed.
The only "problem" for sellers is broad market relative strength. While SP500 also closed "bearish" but sellers were not able to fill today's morning price gap.
The only "problem" for sellers is broad market relative strength. While SP500 also closed "bearish" but sellers were not able to fill today's morning price gap.
Kommentera:
Took 30% of profit on pre-market weakness. Price is near Friday's VAH
so it makes sense
so it makes sense
Trade stängt manuellt:
Market is uber-strong today. Closing rest of position with small profit
But bulls are quite strong today. I'm moving my stop-loss at break-even to prevent losses in case buyers are able to set hourly higher low and confirm hourly uptrend