QQQ have started a upward channel on March 24, 2023
On the daily chart above the yellow arrow shows the beginning of the support of the channel.After zooming in on the 1 hour chart, you can see the channel overall structure. I do understand we all trade differently. But the way I chart channels are with at least 2 trend lines.This give me an understanding of when a support on a trend line in a channel is becoming weaker. After the brake of the first trend line. It feel to the zone of 360.47 - 360.07 and retrace to 366.73 After touching the area of 366.73 it has now feel into the bottom of the channel.My areas to watch for entry is around 362.81 - 362.18. I do understand that Pre-Market can cancel this trade.There are some slight buyers areas right below the current price. Im hoping that morning selling pressure with burst through since we are kinda close. Over all If I see a nice set up to the down side with a power candle, I’m going to jump I’m going to give the trade a shot
I also may consider reversing the trade to take calls to the upside around 360.50 if I see a nice bullish setup.
On the daily chart above the yellow arrow shows the beginning of the support of the channel.After zooming in on the 1 hour chart, you can see the channel overall structure. I do understand we all trade differently. But the way I chart channels are with at least 2 trend lines.This give me an understanding of when a support on a trend line in a channel is becoming weaker. After the brake of the first trend line. It feel to the zone of 360.47 - 360.07 and retrace to 366.73 After touching the area of 366.73 it has now feel into the bottom of the channel.My areas to watch for entry is around 362.81 - 362.18. I do understand that Pre-Market can cancel this trade.There are some slight buyers areas right below the current price. Im hoping that morning selling pressure with burst through since we are kinda close. Over all If I see a nice set up to the down side with a power candle, I’m going to jump I’m going to give the trade a shot
I also may consider reversing the trade to take calls to the upside around 360.50 if I see a nice bullish setup.
Byc.Trades