Profit-Taking Update: QQQ, AVGO, META, UBER, CRM

Ringing the register on a handful of setup.

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Hello all, I am publishing an update here as we’re getting a pretty powerful move in the overall market, with the indices up about 1% on the day.

We want to be sure to pay ourselves for risk taken and that’s exactly what we’re doing. If you caught one or some of these, pat yourself on the back. Nice work!! This has not been an easy market to navigate, nor fun. But $ is $.

Here is an update on the QQQ, AVGO, META, UBER and CRM.

AVGO

A picture perfect trade for us this week. Weekly-up on Monday and first trim. A second trim on Tuesday and now another trim here as we make new YTD highs.

I would love to carry a runner (¼ to position or so) for a possible move into the $675 to $680 area.

Can raise stops to any level in the $640s (so above break-even) and place it depending on your risk tolerance — ie. less risk would be $648, higher risk would be $640.

*I know we don’t usually place stops like that, but it really is trader dependent.

QQQ

We don’t have an official position in the QQQ under the “open positions” tab, but we’ve been mapping it closely since its break over $323.50. Now pushing the $331 I’d be down to runners here personally.

CRM

Broke over $200, but was slow to get going. Definitely trim ⅓ today on this push. Even a ½ trim is okay. Ultimately though, we want to be in this one if it’s going to go for a run.

Personally, I am trimming about 40% and moving to a break-even stop. $212.50 (+/- $1) is my next zone to get down to about ½ size position.

META

We got down to a ½ size on the push to $240. Now over $243, let’s trim a bit more. Ultimately, bulls are looking for a push to new highs. $250-$255 is ideal for runners.

Break-even or better stop-loss.

UBER

Got our long trigger today. Now I want to see it hold $36. $38.50-ish is the first area to trim.

Disclaimer: Charts and analysis are for discussion and education purposes only. I am not a financial advisor, do not give financial advice and am not recommending the buying or selling of any security.

Remember: Not all setups will trigger. Not all setups will be profitable. Not all setups should be taken. These are simply the setups that I have put together for years on my own and what I watch as part of my own “game plan” coming into each day. Good luck!