I'm shorting the QQQQ here...

Quote from cnms2:

You probably heard the advice: trade with the trend (or stay out). All your three charts show QQQQ in up trend. By entering short here you're picking a top. You may be right, but you could also choose to stay out. You don't have to trade QQQQ now.

Price action includes thrusts, reversals, resumes, retracements, congestion / convergence / centering. The probability of success diminishes from left to right in this list, so as your skill level improves you can take trades beyond thrusts (trade with the trend).
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thanks for your comments cnms - I really like how you classifed the success probabitities on ' thrusts, reversals, resumes, retracements, congestion / convergence / centering ' ... is there any material you've come accross lately on pure price action that you can recommend ? thanks.
 
What do you mean by pure price action, tape reading? I'm not a tape reader.
Quote from 4XIS4U:

thanks for your comments cnms - I really like how you classifed the success probabitities on ' thrusts, reversals, resumes, retracements, congestion / convergence / centering ' ... is there any material you've come accross lately on pure price action that you can recommend ? thanks.
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Quote from cnms2:

What do you mean by pure price action, tape reading? I'm not a tape reader.
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here's your post:

Quote from cnms2:

Price action includes thrusts, reversals, resumes, retracements, congestion / convergence / centering. The probability of success diminishes from left to right in this list, so as your skill level improves you can take trades beyond thrusts (trade with the trend).
More...

I wouldn't call tape reading price action -- IMHO thrusts, reversals, resumes, retracements, congestion / convergence / centering. is about price/volume action, not just tape reading...
 
Quote from cnms2:

You probably heard the advice: trade with the trend (or stay out). All your three charts show QQQQ in up trend. By entering short here you're picking a top. You may be right, but you could also choose to stay out. You don't have to trade QQQQ now.

Price action includes thrusts, reversals, resumes, retracements, congestion / convergence / centering. The probability of success diminishes from left to right in this list, so as your skill level improves you can take trades beyond thrusts (trade with the trend).
More...

Agreed the intermediate trend is up, but three lower highs in April signal some caution - If I were shorting I'd use April high as stop. Most troubling though is that the broader indexes look much healthier and if they go to new highs QQQQ will surely tag along.
 
Quote from cnms2:

You probably heard the advice: trade with the trend (or stay out). All your three charts show QQQQ in up trend. By entering short here you're picking a top. You may be right, but you could also choose to stay out. You don't have to trade QQQQ now.

Price action includes thrusts, reversals, resumes, retracements, congestion / convergence / centering. The probability of success diminishes from left to right in this list, so as your skill level improves you can take trades beyond thrusts (trade with the trend).
More...

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SPY,DIA seems strong also, could pull Qs up ;
however QQQQ diverges frequently/ like FRI, in shortys favor.:cool:

Also YTD chart is in shortys favor,notable lack of higher highs;
probably wouldnt short it myself there , but $41.44-41.24 seems likely.

Also QQQQ has had trouble this year staying above 50 dma;
& even if it chops above his entry price, likely trends lower later

:cool: My comments are wisdom/probabilities, not predictions.
 
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