The SOH Strategy
The Qs have been rangebound
for much of the early session, after
having held an early test of yesterday’s low. Intraday trading pace has been
rather poor in what feels like typical holiday trade, and the SOH (Sitting on
Hands) strategy has been the ticket so far. As noted in the charts, the current
range is bordered by hourly downtrend support to the north and Tuesday’s low to
the south, the decreasing selling momentum being reflected in strength
divergence on the early 13-minute bottom which has helped propel a slow grinding
midday climb.
12:00 P.M. ET
Back to yesterday’s
action, the resolution of the 13- and 60-minute conflict indeed guided the
afternoon trade, so congrats to those taking the signals. (Try
finding those high % upticks to short on a stock!) A reminder that you can
simulate such scenarios to your heart’s content in the QQQ
Trading School to help prepare you for real-time battle.
Keep in mind that in light of the holiday schedule, tomorrow is quarter close
and could encourage the usual end-of-quarter games in terms of price manip …
manip … er, movement.
Good Trading!