Tuesday, August 23, 2011

New Trade - QLD

Click on Chart to Enlarge

This is the QQQ, Nasdaq 100. Notice the very strong bullish divergence on the MACD on this re-test of the recent low. Now the hourly chart has made a bullish cross with a gap up also today. There is an unfilled gap down at 53.58 which is likely to attract prices on a rally.

I am going to post a trade order here to go long and exit at the gap fill. I want to see yesterday's high exceeded before entry, so that will be the trade trigger.

New Trade Order:

Place a Day Only buy stop at 69.93 on QLD (2x bull ETF), and if filled place a GTC sell stop at 66.50. Exit the trade if the gap down at 76.60 is filled at any point.

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