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European Debt: An Elliott Wave Perspective

Big Day $QQQQ

May 26, 2009 at 10:15 pm | Trade Artist | Comments 0
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What a day! After a gap down right at support the market just ripped higher all morning then consolidated at the highs in the afternoon. It’s a good thing we closed the QID position last week and bought the Qs. I was hoping to re-enter the Qs today on a pullback after taking profits at $34.25 but we never got a good risk/reward pullback. After today’s action I suspect we at least get back up to the yearly highs, but I don’t have a feel just yet for how high we go before heading lower.

The $20 forex target was also hit this morning bringing the consecutive number of profitable days to 20. One of the other beautiful aspects of this method is hitting the conservative target is usually reached by 7-7:30am EST. You can’t ask for better work hours than that. Plenty of time left over for a round of golf.

Filed Under: Forex • Market Overview

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