Hi Steve, it will be great if you can tell us if you are trading
qqq calls or puts when you post this, just so we can get ready and
follow you.. sometimes, i can't quite catch your drift,
sorry...not as quick,, didn't know if you were waiting to
buy puts into the supply zone when qqqs reversed up or buying
calls... TIA for next time. Us minions here have to make sure we
are doing it right
To be clear, supply zones are where I would look for
resistance and thus some type of pullback. Thus I look for
near term puts. Opposite for demand zones.
Additionally, I often look at VIX structures and price
patterns that have formed into such zones.
For example, on Thursday I posted a supply zone and rising wedge
formation into that area. As I posted that afternoon, I favored a
move down which occurred on the monthly payroll report.
Friday afternoon I posted a supply zone for ES that missed by 1
point prior to dumping 15-20 points. So missed that trade BUT then
posted a supply zone for QQQ that was reached a then pulled back
producing a nice day trade. Those who waited for QQQ to fill
its gap would have missed that pullback.
Please understand that nothing is perfect but you most often get
a reaction from fresh zones. Key is remaining consistent with
allocations just like system trading.
OK sticking my neck out here a little I’ve been
wrong before and welcome any corrections on this. -if I
understand Steve’s comments correctly
the QQQ ran into supply at 3:21 PM at that time you
could buy puts
today’s expiration you could’ve paid something about 16- or $.18.
& sold them 25-30 min later for over $.50 Almost
a triple. - Hope this is correct
Yes, please. We understand you are trading, too, and have
limited time, but I get confused sometimes and go the wrong
direction. I listen carefully but don’t always understand the
shorthand. I thought you were calling another big short from the
supply zone. No worries. Your advice paid big time on yeaterday’s
short! Thanks for all you do, Steve and Matt!
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+50% on ODTE options QQQ
QQQ Supply 292.85-294.67
Posted by steve on 2nd of Dec 2022 at 03:36 pm
+50% on ODTE options QQQ 292 (kept a runner)
Hi Steve, it will be
Posted by imelhoe on 2nd of Dec 2022 at 04:06 pm
Hi Steve, it will be great if you can tell us if you are trading qqq calls or puts when you post this, just so we can get ready and follow you.. sometimes, i can't quite catch your drift, sorry...not as quick,, didn't know if you were waiting to buy puts into the supply zone when qqqs reversed up or buying calls... TIA for next time. Us minions here have to make sure we are doing it right
To be clear, supply zones
Posted by steve on 3rd of Dec 2022 at 07:54 am
To be clear, supply zones are where I would look for resistance and thus some type of pullback. Thus I look for near term puts. Opposite for demand zones. Additionally, I often look at VIX structures and price patterns that have formed into such zones.
For example, on Thursday I posted a supply zone and rising wedge formation into that area. As I posted that afternoon, I favored a move down which occurred on the monthly payroll report.
Friday afternoon I posted a supply zone for ES that missed by 1 point prior to dumping 15-20 points. So missed that trade BUT then posted a supply zone for QQQ that was reached a then pulled back producing a nice day trade. Those who waited for QQQ to fill its gap would have missed that pullback.
Please understand that nothing is perfect but you most often get a reaction from fresh zones. Key is remaining consistent with allocations just like system trading.
I'm away until Tuesday so best wishes to all.
Remember this chart must be
Posted by srusso1 on 3rd of Dec 2022 at 01:14 pm
Remember this chart must be a supply zone up here somewhere?
Thanks STEVE Can you please do
Posted by arun on 3rd of Dec 2022 at 10:35 am
Thanks STEVE
Can you please do a video on identifying supply zones
Maybe add it to education section as well
OK sticking my neck out
Posted by watcdy on 2nd of Dec 2022 at 04:26 pm
OK sticking my neck out here a little I’ve been wrong before and welcome any corrections on this. -if I understand Steve’s comments correctly
the QQQ ran into supply at 3:21 PM at that time you could buy puts today’s expiration you could’ve paid something about 16- or $.18. & sold them 25-30 min later for over $.50 Almost a triple. - Hope this is correct
Yes, please. We understand you
Posted by mdgfain on 2nd of Dec 2022 at 04:12 pm
Yes, please. We understand you are trading, too, and have limited time, but I get confused sometimes and go the wrong direction. I listen carefully but don’t always understand the shorthand. I thought you were calling another big short from the supply zone. No worries. Your advice paid big time on yeaterday’s short! Thanks for all you do, Steve and Matt!