We Call This Place ‘The Alert Zone’
Kevin Haggerty in his daily commentary will often remind members to be wary
of “alert zones.” What these are, are areas of support or resistance on
the daily charts that a trader can then use on his or her intraday charts to
spot a potential entry. Alert zones often show up at Fibonacci retracement
levels on the dailies, and this technique allowed me to make two profitable
alerts in the Nasdaq 100 Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) on Tuesday, July 17.
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1669 was the level of the 61.8% retracement of the July 11-13
leg upward in the NDX, and therefore an area to be aware of. On July 17, the
index starts to form a pattern when it hits the RT level. The first of these
patterns is then discussed in the TradersWire
Interactive chat room, an intraday 1-2-3 bottom on the five
minute chart.
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Since the index is not a tradable instrument, we look for the
same pattern in the QQQ’s.
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Traders are able to capture nearly .75 off the move in the QQQ’s.
This action sets up the second pattern, when the QQQ’s break above an intraday
angular triple top, also profiled in the chat room.
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The QQQ’s run up for almost 1 point out of the pattern.
If you want to be a successful daytrader, get into the habit of
religiously following Kevin Haggerty’s daily commentary. With over 25 years on
the institutional side of the game, he brings a perspective to the daily battle
that is unique, and TM subscribers get the opportunity to interact with him
every day, as he is often in the chat room providing insight into the dynamics
of the markets. For those of you interested in learning more about Kevin’s
strategies, click
here or go to www.tradersgalleria.com.
Have a great weekend!
Duke