QQQ Scalp idea
Clear descending triangle on the 5 min chart. Many attempts were made to break, but we consolidated/bounced from it. This tells us this is a strong key level, which would result in a nice move downward if we broke. As we are getting tighter and closer to the end of the triangle, I would start looking for an entry for a break of $294.30. Entries depend on your preference. Some people enter during the break, before the break, and one candle after the break for confirmation. I personally like to enter before the break and use a tight SL, but completely depends on your style. Anyways, regardless of the entry, you would have caught a $2 move from that scalp. I usually exit no longer than 5 minutes after entering and lock in profits as I go. With weeklies, you can easily lock in 15%+ in a single minute with these scalps.
For the second entry, there is a mini bear flag forming, and you can once again take another short entry on the break of the flag. For this trade, I would use the previous key level as my SL, $294.34. My PT would be $286.9, but I would lock in profits earlier as I am only trying to scalp. Once again, regardless of entry style, you would have been able to lock a $4 downside move in a short period of time.
Scalping is great with choppy markets, but to be a good scalper you must be very disciplined and stick to your rules. You also need to be very quick with your decisions and accept taking small losses. These are super quick moves so I don’t want people to end up chasing on entries. $Invesco QQQ Trust $ProShares Ultra VIX Short-Term Futures
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