I've got to admit a real fondness for these little GE/QQQQ scalps.
Since I mentioned the concept last Thursday I've received a number of e-mails from other traders who regularly trade the GE/Qs (and other) divergences. It turns out that one of the most profitable traders at a well known Las Vegas prop shop only trades GE but, as I mentioned Monday, the prop shops have capital, market making and auto trade capabilities than mere mortals like you and I can't easily replicate. There are ways to get close however, as per my closing scalp yesterday, although I need to study the details of the setup a little closer to verify that the typical trade risk/reward is acceptable. I'm also going to devote some time developing TS code to capture those divergences on 1 and 2 minute bars and/or a TICK basis. My trader buddy Larry, who introduced me to the GE/Qs trade already has such software, but I've seen it and believe it has some risk management flaws that need repair before I would throw money at it. Another project for my "to-do" list.
The Qs hit 33.08, so my Monday projection of 33.06 was off by .02. I'm always a little surprised by how well the LR30 channel manages to capture support and resistance levels, and when I fired up the charts today and saw the Qs intraday R1 pivot at 33.02 I knew the odds of the Qs getting there were about 100%.