QQQ Daily Close 19 February 2015

QQQ Daily 19 February 2015

Bobby asked today what I think should be done with QQQ now.

There has been a nice run off the lows through the highs.  The only thing to do now is sit on your hands and manage the trade.  For my 2 cents the best course of action is to trail a loose stop a “safe” distance behind the price action unless/until your price objective is reached.

Incidentally, Bobby also asked me why I didn’t suggest an entry based on a break of the downtrend line… The short answer is because that’s not the setup I used this time.  That doesn’t make it invalid… just different from what I chose to use.  The truth is there are lots of valid trading strategies and tactics.  The trick is to pick one with which you’re comfortable… and be consistent.

Good trading.