Alright, keeping an eye on $SQQQ today👀
If you’re trading this, you know it’s a wild ride
Looking at the 1D chart, we had that massive liquidity grab and pump in early November, hit a local top around $52-$53, and got absolutely dumped back down.
However, we are currently finding a floor and holding strong around the $43.50 - $44.00 region.
Notice the volume? The selling pressure is drying up on this pullback. We are seeing some wicks forming to the downside which tells me buyers are stepping in at these levels.
Since this is an inverse ETF (tracking the Nasdaq), any little hiccup in the broader market will send this ripping back up.
Here is the setup I’m taking for a swing/scalp:
🎯 Entry: $43.50 - $44.00 (Current market price is fine)
🛑 Stop Loss: $41.80 (Daily close below this recent support block and I’m out. Don't argue with the market.)
📈 Take Profit 1: $46.50 (Local resistance/previous lower high)
📈 Take Profit 2: $48.50 (Testing the recent swing high liquidity)
🚀 Moon Target (if market crashes): $52.00+
The R:R (Risk to Reward) here is solid as long as we hold above $42. I’m keeping my leverage low on this one because it’s a perpetual contract and volume can be unpredictable.
$SQQQ
If you’re trading this, you know it’s a wild ride
Looking at the 1D chart, we had that massive liquidity grab and pump in early November, hit a local top around $52-$53, and got absolutely dumped back down.
However, we are currently finding a floor and holding strong around the $43.50 - $44.00 region.
Notice the volume? The selling pressure is drying up on this pullback. We are seeing some wicks forming to the downside which tells me buyers are stepping in at these levels.
Since this is an inverse ETF (tracking the Nasdaq), any little hiccup in the broader market will send this ripping back up.
Here is the setup I’m taking for a swing/scalp:
🎯 Entry: $43.50 - $44.00 (Current market price is fine)
🛑 Stop Loss: $41.80 (Daily close below this recent support block and I’m out. Don't argue with the market.)
📈 Take Profit 1: $46.50 (Local resistance/previous lower high)
📈 Take Profit 2: $48.50 (Testing the recent swing high liquidity)
🚀 Moon Target (if market crashes): $52.00+
The R:R (Risk to Reward) here is solid as long as we hold above $42. I’m keeping my leverage low on this one because it’s a perpetual contract and volume can be unpredictable.
$SQQQ
