QQQ is overall bullish but a reversal is always possible.
As you can see, QQQ is trading inside the blue trendline forming a channel.
We have two possible scenarios:
1- Continuation:
The upper orange trendline is not valid yet, so we will be waiting for a third swing high to form around it (as shown in purple) and then buy on its break upward as a trend-following setup.
2- Reversal:
The lower blue trendline is also not valid, so we will be waiting for the swing low to form, and then sell on its break downward. (as shown in red)
Then as it approaches the lower brown trendline, we will be waiting for buy setups to form.
As per my trading style:
When our buy or sell is activated, the stop loss goes beyond the last swing from the other side. and I target double the stop loss size.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
As you can see, QQQ is trading inside the blue trendline forming a channel.
We have two possible scenarios:
1- Continuation:
The upper orange trendline is not valid yet, so we will be waiting for a third swing high to form around it (as shown in purple) and then buy on its break upward as a trend-following setup.
2- Reversal:
The lower blue trendline is also not valid, so we will be waiting for the swing low to form, and then sell on its break downward. (as shown in red)
Then as it approaches the lower brown trendline, we will be waiting for buy setups to form.
As per my trading style:
When our buy or sell is activated, the stop loss goes beyond the last swing from the other side. and I target double the stop loss size.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
📊I help you turn charts into a career
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t.me/thesignalyst
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theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
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Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
📊I help you turn charts into a career
theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.