TREND TRADE: Long from open, 11/9.
SWING TRADE: Sell from open, 12/12.
DAY/SCALP TRADE: Long bias, but possible short for day/scalp.
PRICE TRENDS: TQQQ, up 6 days, TNA up 5 days, UPRO up 6 days.
With SWING TRADE turning down Friday and prices on the index ETFs extended to 5 to 6 days up in a row the time has come to exit all longs on Monday’s open (ideally, but otherwise on any strength Monday).
With the TREND TRADE still up, this is primarily a pause before the next run-up until further notice.
However, there is some possibility to trade the short side either for a scalp, or a day-trade or for an aggressive swing trade. Stop losses for each strategy and intraday time tolerances are the key to the nature of each. In other words, as always, it’s a matter of cutting losses quickly, and letting profits run, and never letting a profit turn into a loss (i.e. using a breakeven stop once there is a trade to breakeven).
THE DAY/SCALP TRADE:
(right click on chart for a larger view)
THE TREND/SWING TRADE:
(click on the chart for a larger view)