QQQQ VST Roadmap

Using the QQQQs today becasue they are showing the most recognizable and measurable pattern. Been looking for a backtest of the 43.50 area at a minimum and look what showed up. The lines are my possible road map for rest of afternoon. I am not sure what it will do after testing 43.50. I am pretty sure we get a bounce there. But my elliot prows tell me after the bounce at 43.50 we will need one more up down to complete the B wave correction. Lets see. I think the best way to play this enter short on the backtest of the neckline. The pros will probably push it just above the neckline to scare some people out and then take it back down. The only problem is you have to put your stop up above 43.85 becasue technically it could retrace all the way to there and still be valid (although unlikely). That makes a poor risk/reward.

Edit: Added timeframe to Subject

http://stockcharts.c...5927&r=8366.png

Edited by StillLearnin, 27 March 2008 - 09:49 AM.

42.73 next good support. (1/22 low)

42.73 next good support. (1/22 low)

Day trade short here on QQQQs.

Entry: 44.35
Target 43.50
Stop 44.86
Risk/Reward 2:1

Moving Stop to 44.52 and going to grab some lunch.

http://stockcharts.c...5867&r=8241.png

Bon Appetit ! QQQQ BREAKS TODAY'S LOW ON VERY HEAVY VOLUME on 3 min....

Update
http://stockcharts.c...05927&r=548.png

Looking good. Moving stop to 44.25. Fast approaching target...

Closed Half when QQQQs hit 43.70 at End of Day. Nothing seems broken on what I was looking for (H&S pattern or Elliot Wave) but don't want to hold more than 1/2 overnight. Stop on other half still 44.25. If my elliot wave pattern is correct should be more to come tomorrow morning... Since I jused QID (2 x leverage) profit on first half 3.25% SL

Stopped out on 2nd half. 2nd half gain was just under 1% I had a hard time doing that but have working on letting the market take me out and let my profits run which is one area I think I can improve.. SL