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Pastimes : QQQ & DIA - chat & chart -- Ignore unavailable to you. Want to Upgrade?

To: Jon Khymn who wrote (62)	4/22/2001 9:15:50 PM
From: the-phoenix	Read Replies (1) \| Respond to of 795

Webby: "Would you share what factors are most important in your trading QQQ?" My trading is usually based on a simple trend-following, moving average crossover system based on hourly charts. I also day-trade in between hourly cross-over signals, (or when I get bored) usually trying to sell at resistance or buy at support, (defined by moving average support/resistances, stochastics, trendlines, and fibonacci lines) and favoring daytrades that utilize the very common 9:45 and 10:30 reversal periods. ( I have less luck with afternoon trades.) I also take occasional options positions when I see a setup I like, preferring long straddles at key pivot points in time or price. What I see right now is that 51-52 is a strong horizontal resistance line, converging with the downtrend line through the August and January highs, and the 50% retracement of the January to April decline. Couple that many sources of resistance with the fact that we have come up 35% in 2 weeks, and I see a setup for a high-probability short/put if/when we hit 51-52, which I think we will this week, after a bit of a pullback Monday-Tuesday. So my strategy this week is short Monday, long at the next reversal, probably no lower than 45, then short if/when we see 51-52. I will probably play some puts at that point. BTW - on Naz/Q ratio. Interesting that you use it as a trader sentiment indicator. I have never read into it more than that a high ratio means poor breadth on the Naz (top 100 moving up, the rest lagging) which is usually bearish, and vice versa. I think either way we get the same signals, tho. TTYL, Phoenix