Posting some rules for trading the QQQ intraday that I will follow myself.
1) Use the 21 minute chart as the decision chart
2) Use the 1 minute chart as the action chart
3) Use the Nasdaq 55 minute futures chart as the trend chart
4) Purchase options either 1 strike price in the money or 1 strike price out of the money. Only buy out of the money if it's within like 10 or 20 cents of being out of the money.
5) Buy options that expire this month only.
6) Enter the trade when the bid/ask spread is no more than 5 cents apart.
7) Place a GTC sell order 15 to 20 cents higher IMMEDIATELY after the trade has been entered. In the example given, the 15 cents higher was enough to make a 25% profit so a 25% profit may be a more accurate goal.
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