Good Friday, Traders!
Before we get going on how we periodically trade events and chart analysis for great gain opportunities, I want to remind you about our newest service that gears up the returns on already great futures contract trades.
This is done by adding the additional gearing or “leverage” of options on futures contracts.
And just as we use options on individual stocks in many of our stock trading services, we are now beginning to use options on futures trades.
To make this work all the better, we’ve brought in an options-on-futures specialist. His name is Jeff Tompkins, and he cut his teeth in the markets working for Morgan Stanley (MS).
He will be working with me to bring the next level of leverage to futures trading in our new product, Weekly Options on Futures Forecast.
Look for more from me as I detail how this works right here in my Daily Direction next week.
Now, let’s look at how we can trade events and technical chart analysis together for great gain opportunities like we just did with one of the globe’s must-have technical product patent companies.
Events & Charts
Charts contain all the trading information on a market or a stock. Price and volume reflect all of the known and generally expected developments on the fundamental front.
And if we can tie in chart information to specific events for a market or a stock, then we can actually get even more information from charts and their embedded trading patterns that can set up great trades.
This is exactly what we did this past week with one of the globe’s leading technology companies with a particular focus on wireless technologies.
QUALCOMM Inc. (QCOM) is a primary developer of wireless technologies and components that span traditional CDMA (code-division multiple access), ODFMA (orthogonal frequency division multiple access), LTE (long-term evolution) as well as 5G (fifth generation including NR, New Radio) technologies.
It was setting up last week for a trading opportunity that was reflecting the company’s earnings and guidance, which only made our research on it all the more compelling.
So, inside my premium trading service, Josh’s Top 5, we made it a prime bonus trade idea.
The company not only reported a surge in sales for the last fiscal quarter at 41% but guided for the current fiscal quarter for even more gains despite chip and supply chain woes.
QCOM Trade & Chart Setup
Inside my premium trading service, Josh’s Top 5, we have been tracking QCOM and its stock with an eye towards trading profits.
Here’s how QCOM was setting up for a trade on the daily and hourly chart…
The price yesterday soared by nearly 9% on the news that we saw coming in our chart analysis.
And this continues our profit objective of $165.05 with a support level of $122.73.
Now, for more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!
Keep On Trading,
P.S. My colleague Anthony Speciale here at Traders Agency continues to work diligently on trading ideas behind the scenes in the petroleum market. And these ideas have the ability to set up a “pipeline” of profits…