Bought the morning dip on TQQQ Porshares Long 3xx QQQ Anatomy of the entry, risk and targets.

No risk on trade, as stop at 66 with a 65.80 entry, if it takes off great, if it comes back and gets me I will have chipped a little profit in on the day. I am on the sidelines mostly today as we had a large push up yesterday and Aunt Janet coming tomorrow to tell us how wonderful the markets are. So mostly looking for short term positions to pull some profit out of the markets in the interim.

We had ten cents per share risk on this entry, which is extremely small.  We have locked in .20 per share in the first 15 min and will let this one continue to our targets.

Our goal on this trade is to let it ride to 67.00 in the short term and break out to the highs in the longer term.

Buyers might move in here as a continuation off the bounce of support yesterday.

On the daily chart for the TQQQ we have resistance coming in at 66.35 and a target of 67.50.

If we can stay in this for the overnight, we will be looking to take this to previous swing highs at 69.80

Stop is moved up to 66.30 locking in a profit and letting the market run now that it has direction.

A word of caution, Day trading is simple but it is not easy.  There is a lot of risk taking positions in a topping market.   This supported market has been running on FED gas money for quite a while.  We have a slight clue that it will continue as Yellen will not cut off the children’s candy (bankers).