Who Could Ask For More?
About the only good news
coming out of the dismal employment data released this morning was another nice
round of volatility on the Qs this morning. And while the wait continues for a
longer-term sustainable climb out of the current abyss, the current volatility
is providing some outstanding opportunities for those trading pullbacks on the
longer-term Q short trends, as well as for those nimble traders who enjoy
trading bungee-like bounces on the bear pops. From a trader’s perspective, we
couldn’t ask for much more.
The Qs continued to hold their 60-minute resistance this morning while the
three-minute microscope provided two nice reversal opportunities in the context
of both an MA cross and pullback, as long as one again kept in mind those sticky
notes Dave Landry keeps talking about. (Mine
is a nice shade of green and also says "Respect the 60-minute 15-MA"
until broken.)
Friday
September 7, 2001 12:00 PM EDT
(1)
Approx. Equivalent QQQ Price
On the lesson front,
look for a new lesson over the weekend addressing my use of MAs, and pay
particular attention to the second setup discussed which played out to
perfection on the one and three-minute charts. As a preview, here’s a teaser
one-minute chart of this morning’s trade. See if you can spot the entry premise.
Have a great
weekend!
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 October 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.