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Last Update: 8.29.13
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8.27.13 Tuesday
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[Morning] Entered Put Positions @ $76.08
This morning when the whole market gaped down I was watching $QQQ pretty closely hoping to see some kind of quick bounce up so I can get in with little bit better entry because I was looking at this potential Island Reversal formation right on that resistance level. But I had to make sure that the gap is not filled during the quick bounce to possibly negate the island reversal. At around $76.08 decided to go short with put positions as I started to see that the bounce was just a short-term.
[After Close]
Whole market tanked and $QQQ couldn’t sustain and tanked as well with much selling pressure looking at the volume today. I do think we are going to continue to the downside and next support is at around $74.35.
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8.29.13 Thursday
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Puts Stopped Out with Loss @ $76.60
I had such a great entry on this one so the loss wasn’t big but perhaps my stop was little too tight.
$QQQ looking more bullish than any other indices currently but I think broad market is getting into correctional mode and I think $QQQ is only lagging a bit here. I want to look for next opportunity to short. Island reversal is still in play as the gap is still open and as long as that gap remains open, I think we can see $74.30ish early next week. I probably wait to short again sometime next or week after.
2 thoughts on “$QQQ Island 2 Reversal”
Entered CP put on Monday. How is the chart pattern, does it have further to fall to near 100?
OneupDouble well currently we have bullish hammer candle on $CP which can be reversal if it starts move higher. We do have gap area that can be acted as resistance tomorrow. Bears need to push below (today’s close) to negate this hammer. Need to break below the neckline about $115 for below $100 target.