SQ INC 2017


I am in the process of learning technical analysis and wanted to at least practice setting up a chart. If someone has any insight on what may be off on my chart or anything I could change to make it better that'd be great. I have an idea of what to do just not sure if I executed correctly. Please tell me if I setup the Fibonacci levels wrong, have my trend lines wrong, or anything else of the sort. Any feedback is greatly appreciated!
Your longer term trend line looks spot on. Your shorter term trendline is only touching 2 points of substance and may be more discretionary. The secret to trendlines is they're all discretionary. Everyone draws trendlines a little differently so you've got to expect that going in, never put your stop right at the trendline because you can't guarantee it's what everyone else sees with. It's more of an area.

Fib levels look solid, but pay attention to this volume on SQ. I'm currently in this long but I've tightened my stops. The market is making new highs and tech, which was the old sector leader, is no longer doing so. Adding to that the incredible volume we saw at the tops of the moves, you could definitely be seeing sector rotation. In that case, buying at the fibs just hurts on the way down.

This area here is a solid entry point but if this one gives, you really want to give some stronger weight before taking too many more shots. Too many indicators can really confuse you as well. I personally like to use a 20-25 day price channel to see if price respects those levles on the pullbacks but you could almost trade just as well with only price and volume. Remember, all indicators lag price except volume. So too many indicators typically cause more harm than good. You're on the right track though.

I'd study parabolic volume or ending volume a little bit. Too many traders see big run ups and like to get big on the pullback that's really the end of the move. Another advantage to the 20-25 day price channel breakout is it allows you to be in winners almost immediately when it works. Regardless, as the question was about indicators, setup looks good. Don't add more than 1-2 more until you're comfortable or you're about to go down a path of perfect indicator combos and they don't exist. GL.
+1 Balas
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