Last Update: 11/7/2018
(follow me @2kaykim for the future updates)
10/10/2018
NASDAQ is down more than 4% today, and I have been very patient with my position (still holding full since 164.85) not chasing or adding at the top–but I thought, today, I got my entry point that I could add more CALLS on this heavy decline. So earlier today about hour before close, I’ve added more CALLS at 173.61 as QQQ was retesting the “200SMA” as you can see in the chart below–also this is the vicinity where 50% fib retracement level is hanging around. I can’t say that this is the bottom, but this price-area was the level that I was willing to add more to my QQQ positions. Let’ see if bulls can fight back here at this rising 200SMA area. More updates later.
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11/7/2018
Since my last update of added-entry in October, there were lots of shenanigans and I was patiently waiting to see what its going to take for the bulls to come out of that. First, you can see that we still do have rising-uptrend support (red arrows) held and bounced–it means, technically, we are still in an uptrend (higher lows) in the intermediate term. Two, we have two gaps representing: 1. Breakaway gap 2. Continuation gap. Next level of resistance to overcome is 178-180ish, because in the minor term we are still in a downtrend unless bulls can reclaim that 180-level. Should the price decline in the next several sessions, we want to see 172-gap area to hold for the minor-term buying pressure to continue to 180–once the bulls reclaim 180 I think 190 is the next target. I am holding all of my CALLS as of today.
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