Traders on Wall Street have mixed feelings about the technology selloff that happened back in June of this year. In the past few years, they had arrogant attitudes towards the market, but at present, most of them seem to have changed their minds. Their mixed reactions regarding the market were expected to affect the trade during summer.
It should be noted that despite mixed feelings from investors, one can make profits from the choppy market. This goal can only be achieved when one adheres to certain proactive strategies.
This strategy is built to respect resistance and support levels that are usually present in the Nasdaq 100 NDX -0.11℅. It is also suitable for trading the ProShares UltraShort QQQ QLD, -0.22 and ProShares UltraShort QQQ QID, +0.32. As a trader, you should note that these rates are only applicable when resistance and support levels are broken or tested.
With the above rules, you will conclude that target resistance to selling is only possible when QLD tests support. In this case, sell QLD if support breaks. The target support to sell can be possible when QID has tested the resistance. In this case, QID can be sold when resistance breaks.
These rules are quite familiar to traders who use technical analysis. However, there’s a distinct rule that is only applicable to this strategy. The “Lock and Walk” strategy is designed to shut down if it only consists of 67 gain points. Amidst this scenario, it is also designed to begin its operations during the next trading season. Its basic goal is to do well in choppy market environments.
In addition to using the “Lock and Walk” trading technique, traders can also enlist for technical help from companies such as Netpicks. With its headquarters in Irving, TX, the company has over 17 years experience in trading education experience.
Netpicks is renowned for offering clients personal trading assistance for the last 25 years. Mark Soberman leads the company’s leadership team. With the help from other employees, Soberman ensures that customers learn Netpicks’ systems within a short time. Get connected now, hop over to netpicks.mykajabi.com.
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