Welcome to the latest edition of T3’s Trades of the Week!
Let’s jump right in to this week’s trades and analysis:
1) Scott Redler on QQQ
The QQQ’s did not lead the last two weeks, but they didn’t fall apart either. As long as it holds $142.70, you can’t get too bearish. If it gets a strong close above $144.52, it could get back in play for new all-time highs.
Click here to learn about Redler Ultimate Access, Scott’s all-new education program
2) Jeff Cooper on Sotheby’s (BID)
I am watching Sotheby’s (BID) for a short swing trade as it is tracing out a TNT pattern. I would enter short at $50.25. My stop would be $51.75 and my target is $46. If it hits the target, I would cover half the short and move the stop to breakeven.
Click here for information on Jeff’s 181-page trading case study
3) Kurt Capra on AUDUSD
AUDUSD slowly bled lower last week and closed right into support. This morning it is opening in the same area and trying to push lower. A break below the support and 21ema (on the daily chart) could get this moving with more momentum to the downside.
I will watch this for a break as it may offer a decent opportunity to get short with the daily looking like a double top/head and shoulders pattern.
Click here to learn about Kurt’s Forex Profit Accelerator Newsletter