This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com

Finally a win for me! I thought that the market would move after the Fed Minutes were released today, and as Richard has suggested many times, I decided to play the move by trading the UltraShort QQQ ProShares (ETF) (AMEX: QID). I thought that the move would be to the downside, so I went long QID since it’s an inverse ETF.

As things broke down, I jumped in (I was a bit late to the party). My entry is the yellow line, my target the green line, my initial stop the red line:

It actually traded to my stop two different times, but Zecco didn’t stop me out. Thank goodness!

I watched this chart of QQQQ to gauge my exit:

Here’s the detail:

I ended up taking 1R as the move died out and a hammer printed on the Q’s. I’m just happy not to have lost! I admit I was a bit lucky, but I’m a bit overdue for some good luck…

Trade Summary:

QID Long 80 Shares
Entry: $52.53, Stop: $52.35, Target: $53.00
R: $14.40, Exit: $52.72
P/L: 1.06R, or $15.20

Trade Grade:

This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com