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Strategies & Market Trends : trading the QQQ
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To: bernard rogers who started this subject4/7/2002 9:46:51 PM
From: jficquette  Read Replies (1) of 714
 
Hi, I only trade the QQQ's and the NQ. Well, sometimes I trade other stuff but only in the direction of the market. I was trading the NQ more than QQQ for a while but IB went down twice and once just as it hit my stop. I ended up being ok cause it came back down and I ended up ok. I am not going to trade NQ until I get a reliable broker. Also, it went down a few times on the nyse last week while I was in a QQQ trade. I hate IB. I would consider using MB Trading again if their software was free.
Having said all that, my point I wanted to make was, as a rule of thumb. Never ever ever never, sell QQQ unless the 13 3 3 stochastic is overbought on the 15 min and never ever buy unless it is oversold on the 15 min.
Rule of thumb #2: Never go against the Advance Decline line for the Nasdaq when trading QQQ. If it is negative, sell the tops and if positive buy the bottoms using the above Stochastic guide lines.
Rule of thumb #3. If you trade more than 3 times a day you are trading too much.
Rule of thumb #3. Stops less than 50 cents will see you wiggled out more times than not. Do less shares,use bigger stops and hold out for more. The average daily range on the QQQ is about 1.15. If you follow the above you should get 50 cents per day.

Just wanted to add my two cents worth. One other thing. I never look at charts under 15 min. There is no market structure on a 5 minute chart. Just looks like it.

John
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