Trading QID 012907

The Nasdaq has been trading in whipsaw action for a week now. You never know when it’s going to decide direction, so all you can do is buy the chart pattern without guessing. I bought some QID based on the double bottom on it’s 5-minute chart. QID has put in a higher high, and two higher lows. First entry was a break over the 5-minute high, while the second was on the pullback. I’ve placed a stop below the pivot low of the double bottom. I could use the last pivot low today, but I want to give it some room. 1R is risked on each position.

IWM is going to break out of that channel sooner or later. I may take one of those new small cap Proshares sooner than I think. Trade consciously.