Each weekend the winner of the latest round of our trading competition posts a report “How I Won My Gold.†You can learn a lot from those Gold reports. Take a look at yesterday’s report, followed by a comment from one of our Members…
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Following the plan pays off – Long TQQQ by Steve S
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The previous week produced a nice V-2 buy trigger, confirmed by a Spike Bounce signal. That Friday Nasdaq closed in the upper portion of the day’s range which confirmed buyers’ strength and conviction. In my last week’s Gold report (which I wrote right before leaving for a spring break in Miami), I said that I’ll continue holding it next week. |
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Since there was no entry to stalk, I was glad there was less for me to do and I could enjoy my vacation on the beach, periodically checking price action on my phone. Since this was a V2 trigger off the –1ATR , and we had a Spike bounce, there were several things I had to monitor. Price needed to hold above –1ATR, and the Spike Bounce trigger bar low should not be violated. We also want to see the price respecting the 8-ema-L. All of these details are taken directly from Kerry’s Password classes.
Price action during the week was almost textbook. Monday and Tuesday produced a very narrow 2-day pullback which retested the trigger point while holding –1ATR on both daily and 60min charts. Notice how the heaviest traded levels on both charts acted as support for a powerful rally.
My only point of concern was monthly NL increasing slightly above 500. Finally, on Wednesday and Thursday, we saw 2 strong follow-through days, both opening on a gap and finishing in the upper portion of the range.
It looks like the end of the pullback in QQQ is near. Maybe Tech Growth stocks are ready to take back the leadership role we are so accustomed to seeing.
This week I didn’t enter any trades while on family vacation. I only stayed in the open trades, TQQQ for SpikeTrade, and SPY in my real money account.
One of several comments on this post, from a Member in Germany:
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Steve, I really enjoy and appreciate your comments of “winning gold”! Your descriptions of careful “waiting for the right moment to act”, setting stops wider or closer, referring to the rules you/we were taught by Alex and Kerry are very useful for me as a (still quite unexperienced) trader. Thank you! |
Would you like to see what Steve and other elite-level Members are trading this week?