qqq

I was wondering if there is anyone out there that regularly watches/trades the q's. I have always watched them and really enjoy the prospect of making a quick .20 and getting out for the day.

This morning on the Sommers news obviously as we all know created a huge jump in the futures and a gap at the open. I used the opportunity to use GW sling shot play on the q's. 10 QQQ Oct13 79 Put bought at 1.65 (943) and sold for a .20 profit @ 1.85 (1043).

Any thoughts on this play are very welcome.

I would also love to hear how others trade the q's.

Thank you in advance and God bless.

Matt

fireman 1984

You may also want to look at VZ. A quick .20 up on the stock and you can make a bunch. I am wondering if it trades like the Q's?

Thank you Darcy.....looking at all of the posts that you have done has been a real blessing for so many people. The time that you spend putting your thought process and trades on this forum is very selfless of you! Thanks again!

I'm just double checking: Is QQQ the same as QQQQ? My G.W. manual says QQQQ. But now I'm charting with TradeStation, and my data feed subscription only allows QQQ. QQQ closed today at $78.83.

Tip: Briefing is free on OptionsXpress under Research "market overview".

Thanks,

Chunk

It is the same. It is now QQQ

I believe it used to be QQQ several years ago. Then changed to for a few years QQQQ. Now it's back to QQQ as TCB mentioned.

I saw a trade on the qqq's today. I had a HRFP on the 21, 34, & 55, above 10ma on 21, 34, & 55, adx trend up and mf going up, nas futures and market going up, and first candle closed above previous day's high. Also had the "E" on 5,10,&13 MA chart. I entered off of the 3 MA chart around 9:42. I bought Oct. 79 call for .68 and it went as high as .78 which is where I should have exited but I was waiting for the 5ma to cross the 10 ma on the 10 chart which happened around 11 and I exited with a small loss as the overall market was turning also. I thought with all the overwhelming evidence supporting the trade that it would continue longer than it did.

TCB Wrote:
-------------------------------------------------------
> I had a HRFP on
> the 21, 34, & 55, above 10ma on 21, 34, & 55, adx
> trend up and mf going up, nas futures and market
> going up, and first candle closed above previous
> day's high. Also had the "E" on 5,10,&13 MA chart.
> I entered off of the 3 MA chart around 9:42.[snip]

> I thought with all the overwhelming evidence
> supporting the trade that it would continue longer
> than it did.

TCB do not change GW's rules when trading the Q's.

Use the 21 as the main chart not the 55 or 34.

If you enter on the 3 exit on the 3 or 5... exiting on the 10 is too long IMHO.

Remember a .20 gain on the q's is huge!

This of course is 1-5 rules but I would not remain in the q's or VZ any longer than what a 3 or 5 chart told me and probably more the 3 than the 5.

When I first began trading I traded the q's and I lost more $$'s than I care to admit!



Edited 1 time(s). Last edit at 09/27/2013 09:24AM by Darcy2.

Darcy, Thanks for the helpful insight. I appreciate it!

TCB...you are welcome. Expect small very small moves in the q's also follow what the Nasdaq says when trading the q's. One thing I found that helped me some was looking at the big dogs movement in the Nasdaq (PCLN, GOOG, AAPL). Can't say always but generally when they are up Q's are up if they are down Q's are down and if they are changing directions Q's usually change direction. If these 3 conflict Q's usually don't move much.

Personally I haven't touched the Q's in years because I have to buy so many contracts. I would start out $500 to $1,000 down and that visual always bothered me.



Edited 1 time(s). Last edit at 09/27/2013 09:38AM by Darcy2.

More on the Q's.....

When I first began looking at the Q's it was very hard for me to see what Gary was talking about when he said that you can trade the Q's most days intraday and sometimes twice. This is often hard to do following only the charting criteria described in the charting portion of the manual. Eventually, after making many mistakes trying to force a trade you come to see what Gary was saying when he screamed "its not a chart thing its an art thing!"

Today and Friday each had one of those trades.

The market has been very volatile obviously due to the DC bull that is going on which has created quite the whipsaws the last few days.

This am the whole market gapped down on fears about govt. shutdown. The fact that the market gapped down outside of the BB on the 21 minute chart indicated to me that it was either going to go sideways back into the BB or backup with the potential for a call option play. So I then moved to the 55 min Nas Futures on all sessions and the 21 min Nas Futures on all sessions. Both of these charts indicated to me with a candlestick reversal pattern being formed that the market was headed up for the time being. I then switched to my 5 min Q's chart to watch for an entry point. Not worrying about a decision chart at this point because of where the candles were on the BBB and the fact that the futures were indicating an up move. I bought Oct 78 Calls at 1005 and immediately placed a GTC for .15. Switching back to the 21 min Q's and the 21 min Nas futures on all sessions to monitor the play. I expected the Q's to back up to the 200 MA and it did. At that point I was already gone for a .15 profit.

Check out Friday for a similar play using the 21 min chart as your decision and the 5 min as your action.

Done for the day.

God Bless.