Finally, A Little Consistency
It’s certainly nice when
the market provides some consistency to trade patterns and rhythms,
and it seems as if a degree of predictability and probability (two words that
are more important to me as any trading method or system) is beginning to creep
back into the market after several weeks of knee-jerk news-related moves.
The Qs held 60-minute support beautifully this morning which provided the
foundation for two subsequent $0.70 and $0.30 trend-continuation moves, both of
which have hopefully been pounded into traders’ brains via my
last lesson and QQQ
seminar (which will be released via video shortly): (A)
A three-minute 15-MA cross in the
direction of the 13; and (B)
an oversold trend continuation move off
three-minute 15-MA support. And in this market, we’ll certainly take $1.00 to
start the week.
(1)
Approx. Equivalent QQQ Price
As we approach the
afternoon session, I’m currently keeping my eye on the 13-minute chart which is
testing its 15-MA support on dropping stochastics, as well as viewing how daily
stochastics reflect this morning’s bounce vs. last Wednesday’s peak to gauge its
true strength.
Good trading!