Short-term technical indicators and the short-term model are very overbought after yesterday's strong follow-through to this week's earlier strength. While it is possible that prices on QLD could move up to the upper end of the range I suggested in yesterday's post, I don't want anyone trying to get the top tick and not get out of a good trade. On that note.......
Change the QLD GTC limit order to 25.34 instead of 26.00.
Hopefully, there will be some follow-through today to fill that order before the weekend arrives. Also, after I see how the morning goes, I may post again later today if that order is not filled and I think it would be best to get out before the close.
Pete
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Looks like it might be tough to gain that much momentum today??
ReplyDeleteCertainly seems unlikely to make new highs today now that the first hour low was broken.
ReplyDeleteAlso, there is a short-term head and shoulders pattern (5 min chart or less) that already has broken the neckline and would project a minimum target low of 74.50 by standard measuring techniques.
So strictly using the short-term model I usually use, an exit is more than justified and psychologically you can't feel too bad about missing the next 5-10% of a move when you already caught the first 20+% in just 5 days.
But the old trading adage of letting your winners run is important, and so I am trying to let this explosive move play out a bit. I will try post an hour or so before the close after the day plays out a bit.
Pete