Hi everyone! Welcome back to the blog. It’s spring break for me now so I’m happy, and I hope you are too 🙂 Happy Nathan = longer blog posts, so everyone wins.
We ended up gapping down more than 2%, and if you took my “fade the gap” strategy we discussed yesterday, you would have ended up with a 1.65% profit on the day, not bad. I’ve started keeping track of all my trades in the tab “(NEW!) Trade Ideas and Success/Profitability Rate” I like being transparent with my readers.
I like buying near 195-200, and selling near 220-225. We are closer to 200 than 220, so it is slightly more favorable to be long here, although I wouldn’t do anything here until we get much closer to either 200 or 220. Remember the strategy is to go long near 200, sell near 220, or go short at 220 and cover at 200 (I prefer being short on large moves up in this market condition). Volatility is hinting that we will get to either 200 or 220 next week, so you won’t have to wait long to make a trade here.
Below is the daily chart of QQQ.
Below is the weekly chart of QQQ. We can see some more important support levels.
A long time reader of my blog wanted more lengthy and in depth posts, so I’m working on making my posts longer and more interesting. Feel free to leave me feedback in the comments or ask me any questions, and I will implement any changes (as long as they are reasonable).
Enjoy your weekend, and see you next week.