slow burn up in crude

Crude Oil fantastically broke up yesterday. It shattered a 1 month ceiling and crossed up and above the 200 days SMA.

I’m long on crude, with a stop loss just below 60 dollars and sell limit order at 62.34.

Let’s look at the one month chart.  Screen Shot 2019-07-11 at 9.47.23 AM

as you can see the chart above Crude is at 1 month high and uncertainty between 55 and 60 is gone (i personally lost about 3 round trip trades and was stopped out..total loss about 120 ticks. But the big losses was kept at bay by keeping tight stop losses)

I am really tempted to increase my stop loss in this trade currently. Entered at 60.38 and because of this ‘Slow burn up’ in the below chart, i feel the next near term rally has started

Screen Shot 2019-07-11 at 9.47.56 AM

You see in the chart above for 7 days the movement has been sideways (forming a good support at 56.50 ), and then up. Why did i not enter at 57.00??  Two reasons – one, Stopped out 3 times. Two, the resistance of 60.00 was just too close.

So the stock market is up and sustained up. EURUSD went up 100 pips. Gold is up. Crude is up.

from the charts, by all counts (4 and counting), a near term rally has begun.

i am NQU19 long, CLU19 long, Long TQQQ. Gold – GCQ19 i’m waiting for 1425 to be taken out (I already have buy limit orders on it).

I have already taken 80 points profit on NQ. Reentered on an automatic buy limit order on Charles Schwab at 7959. Stop loss at 7910.

Happy travel trading!

 

 

what a bang to start the 2nd Quarter in the market!

Screen Shot 2019-04-02 at 12.31.11 PMScreen Shot 2019-04-02 at 12.33.33 PM

IBD 50 index  is an index of 50 top performing growth stocks in the world with high spectacular momentum and top line (top 1%) of fundamentals.

As the market is picking up steam growth stocks lead it – and IBD 50 Index has been picking up. it just cleared its 200 days SMA and has been going up steadily last 3 days.

One positive yesterday is the OBV for TQQQ

Screen Shot 2019-04-02 at 12.59.25 PM

Look at the chart below

Screen Shot 2019-04-02 at 1.15.15 PM

the OBV is approaching very close to the the march 2019 high – and this is just 1st day of trading for 2nd quarter of 2019 !

I am long on NQ and TQQQ!

happy trading !

happy traveling also !

 

Transition time????

Screen Shot 2019-03-21 at 10.52.43 AM

last 2 -3 days were very interesting. Yesterday S&P 500 dropped by 0.3 % but the number of S&P 500 stocks above their 50 days Simple Moving average (SMA). Last 5 trading days it dropped by around 9 points. Nothing serious but makes me cautious.

Russell 2000 closed below its 10 days SMA. It’s finding a touch resistance at 200 days SMA.

Let’s look at Heikin-Ashi chart for S&P 500 Stocks Above 50-Day Average ($S5FI)

Screen Shot 2019-03-21 at 11.03.42 AM

not good look – the number of stocks in S&P 500 are losing momentum and are falling below their 50 days SMA. about 21 percentage points from march 1st 2019.

Screen Shot 2019-03-21 at 11.11.28 AM

It’s in an amazing trend – not only there has been higher volume price increase in QQQ yesterday but volume increase was 50 percent above average!

lets look at 5 mins chart for NASDAQ composite

Screen Shot 2019-03-21 at 11.23.50 AM

just up and down and lots of volatility but the most important point is that the closing price of the day. Which is the most important price – its been going up since Friday of March 8th 2019 except for one day on 3/14/2019, which is last Thursday.

Screen Shot 2019-03-21 at 11.28.23 AM

Screen Shot 2019-03-21 at 11.34.10 AM

for the 3rd day in a row TQQQ closed above the 200 days SMA!Screen Shot 2019-03-21 at 9.29.20 AM

The only thing little bothersome is Russell 2000 has been falling in the last chart which is the ETF with volume

all the FAANG stocks are up – wonderfully yesterday. Netflix was a bumper. It went up 4.5%, up 16 + dollars !!!Screen Shot 2019-03-21 at 11.43.17 AM

So what is the conclusion? Price is the only true north star and it is up so I am long NQM19 and TQQQ.

Happy trading!!

 

 

TQQQ 71.9% Growth since Market bottom of 24th December 2018

Screen Shot 2019-03-20 at 5.03.39 PM

TQQQ just crossed its 200 days Simple Moving Average on Tuesday’s trade. It crossed it in Higher Volume of 20 million. It’s average 50 days Volume is 18 million.

ProShares UltraPro QQQ seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Nasdaq-100 Index.

From the above picture it gained around 72 % in the last 3 months or so

Below is QQQ reflecting 1:1 for NASDAQ 100. look at the On Balance Volume. It is fantastic with no divergence.

Screen Shot 2019-03-20 at 4.48.33 PM

IBD says this “The overall action points to a generally healthy climate for stock pickers.

In IBD Leaderboard on Tuesday, as many as seven companies rallied 0.5% or higher, easily outrunning the major indexes. They include Zscaler (ZS), which has thrust more than 40% past a prime buy point of 48.34. Diabetes play Dexcom (DXCM), Euronet Worldwide (EEFT) and Chipotle Mexican Grill (CMG) also rose nicely.”

One cloud in the silver lining – It continues “The Nasdaq composite wasted an early advance of nearly 0.7% to finish with a 0.1% gain. It closed well within the lower half of Tuesday’s intraday range. Volume rose vs. the prior session. The price-and-volume action pointed to stalling, a form of distribution in which large fund managers sell heavily into market strength.

The stalling day raised the Nasdaq’s distribution count back to five over the past 25 trading sessions. On March 13, the Nasdaq shaved off a Feb. 7 distribution day to its recent strong advance.

Four other instances of unusually strong profit-taking have taken place a lot more recently: Feb. 28 (down 0.3%), March 4 (-0.2%), March 6 (-0.9%) and March 7 (-1.1%).”

It has been 7 days of fantastic run after the bad week of Monday March 4th – Friday March 8th

Currently I’m Long on NQ and TQQQ