DayTrading QQQ Swings (QQQ)

[Bob257]

Hi Sammy - I use an EMA crossover system which requires that you glue yourself to your monitor and a great deal of discipline. It aint easy !! I use Quotracker with a TDW account and monitor one minute, two minute, and five minute charts for trades, and 15 minute and 30 minute charts for overall trend. I use the 3/8 EMA cross to signal a trade and the cross of the EMA 16 with the EMA 3 and price to confirm the trade. I use a reversal of a five minute bar close beyond the EMA 8 as my stop in the event I am whipsawed, which does happen with some frequency. This usually results in a small loss. I will take trades with the two minute chart but usually rely on the five minute. I watch the one minute chart to help me decide if the market is too volatile to enter a trade. I lost money with this system when I started so you have to learn the nuances by practicing. The charts are everything. Once a trade is profitable, I try to let price ride the right side of the EMA 16 until there are clear signs of weakness. I always know where I will get out of a trade before I take it, so I have every conceiveable support and resistance line offered by the Quotracker program on my charts and when I see price unable to penetrate, I get out of the trade. I have to tell you that this is very oversimplified and you must try this system on paper first, and then with small positions until you are an expert. I hope this helps. I also use the KISS method to enter trades that are already trending as described by Blasher.

Bob