A Bit Of Predictability
The Qs have been pulling
back in very methodical fashion thus far today as we find ourselves
once again south of critical 60-minute support, which has become resistance. Our
daily short trend remains very much intact and attention will begin to turn on a
longer time frame to whether we are able to put in a longer-term double bottom
as we retrace. Measuring stochastic strength on this pullback compared to
Monday’s low will be important. For those preferring a bit of spice in their
intraday trading, it has actually been a rather dull morning, which isn’t all
that bad as it has provided a bit of predictability which we haven’t had much of
lately.
2001 12:15 PM
Without sounding
like a broken record, please make sure you have trend supports on any reversal
attempts, as a three-minute uptrend once again becomes a prerequisite for
lower-risk daytrade reversals and a 13-minute trend a necessity for potential
swing reversals.
Good Trading!
P.S. I’m pleased to announce that I’ll
be hosting a two-day
QQQ trading learning forum immediately following TM2001 at the Venetian
Hotel and Resort on Oct. 7- 8, 2001. It seems like we’ve struck a pleasant
nerve with the Q column, and I look forward to sharing my thoughts and views in
a live forum highly conducive to learning and interaction, as well as simply
meeting many of you in person. So whether you trade the Qs or watermelon
seeds, consider extending your stay just a bit and we’ll combine some very
intensive trading discussions and some fun!
For
a more in-depth look at how Don trades the QQQs, click here.