Weekly Market Wrap Up
1. QQQ – there is a tremendous amount of selling pressure on the monthly timeframe in regard to QQQ’s Stochastic RSI:
Therefore, be very weary about entering any long positions or, alternatively, seek to get out of long trades earlier than usual to ensure that you are not trapped within any major market declines.
The QQQ, moreover, looks like it will roll over to my entry level, first, before any possible further upside.:
Thus, it just may make sense to exit this position at this point, and wait for further price action prints, to see what the market wants to do.
The same seems to be true for the other broader markets also such as RUTS and SPY:
2. RUTS
3. SPY
4. BTC
The question is: can BTC break through the diagonal resistance level on the 4 hour timeframe?
If it does, then I would expect SOLUSDT to rally to the upside as previously anticipated.
However, if it cannot, then SOLUSDT is highly likely to experience a further great decline.
As a result, keep a close eye on BTC throughout the day, to determine if we should exit our SOLUSDT position quickly.
5. HOOD – in light of the above, seriously consider exiting the HOOD long trade with full profits on Monday when the markets re-open:
6. NATGAS – analysed.
7. UNG – analysed.
8. DECK – analysed.
9. XAUUSD – analysed.
10. GFI – analysed.
11. JETS – analysed.
12. UAL – consider starting to scale into a UAL short position in light of the fact that the price action has return back to the scene of the crime (meaning the middle of the parallel channel):
Learning Points
- There has been a drastic improvement in my trading ability in correlation to my increased effort and daily consistency for the last few weeks.
It is now clear as day. In order to be a wildly successful trader, I am going to have to continue prioritising the markets everyday by carrying out the following:
(1) using parallel channel to know when and when not best to take profits;
(2) exit my trading positions using parallel channels, the Ichimoku, trendlines, and so forth;
(3) continue to use inter-market analysis before taking trading positions; and
(4) continue going through my daily trading watchlist and writing up my trading analysis exactly as I am doing right now.
Next Actions
- Consider exiting QQQ as soon as the markets re-open on Monday, waiting for the price action to settle for another week or so before re-evaluating.
- Today, monitor BTC closely every 4 hours.
- Consider exiting HOOD long position on Monday with full profits as soon as the markets re-open.
- Consider exiting IWM (RUTS) as soon as the markets re-open on Monday, waiting for the price action to settle for another week or so before re-evaluating.
- Consider starting to scale into a UAL short position as soon as the markets re-open on Monday.
