Wednesday, November 12, 2008

QQQQ: 28.83 Target MADE




(Click On Chart To Enlarge)

From November 6-10, the QQQQ tried to put in a Double Bottom at 30.40...30.40. That broke down at the open this morning, so to derive the downside target:

High: 31.97
Lows: 30.40 and 30.40

31.97 - 30.40 = 1.57 Points
30.40 - 1.57 = Target: 28.83 IN PLAY, which just got MADE.
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2 comments:

  1. UnknownNovember 12, 2008 at 4:58 PM

    HI Melf,
    I replied to your question on xtrends. In short it is a
    mathematical calculation. The first target today was
    29.59. I covered puts there. Then bought more as we
    broke through. I covered puts at 28.90.
    Next target is 27.72. I will wait for the open before I
    make my next trade. I'm still playing the down trend
    for now.

    ReplyDelete
  2. Melf ElfNovember 13, 2008 at 7:04 AM

    Vader,

    Nice going! Glad that you're doing well. Thanks for the feedback.

    ReplyDelete