A Look Back At A $50 Run

Last August I took a look at TQQQ for a subscriber who was considering her choices in a current position.  The ETF looked like it was in the midst of a pullback, but poised for a potential explosion to the upside on higher time frames… 

The structure and trend bore itself out and we find ourselves much higher just a few months later…

TQQQ Review

As the arrows show, there have been multiple chances to enter in a low risk manner (i.e. with a tight stop) on pullbacks in the price.  Profitable exits would have been up to the individual trader, but the most patient trader would be sitting on at least $50 per share and would still be long with a trailed stop and lots of that profit locked in.

The question as ever is what now? 

The most recent entry possibility on this chart was the bounce off TAOST Low Power Zone January 10/11… TAOST Price Zones suggest there is good support now just below (TAOST Balance Zone the blue box) and resistance is substantially higher (inside the red box TAOST High Power Zone north of $178). 

The upshot?  If you own them hold them… If you don’t wait for a pullback opportunity to take a long set up and get involved.  There are lots of folks who suggest that we MUST be close to a top… and that may be true.  But no one knows where that top is… including yours truly. 

So until price gives clear indication of a reversal in trend, we can only take long trade setups.  Anything else is just a guess…

Hope it helps…

KIS,

The Trader

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