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SQ – Chart of the Week for February 2, 2024

by | Feb 2, 2024

As you might have noticed, it’s Friday and I’m just getting the Chart of the Week to you.

It took a while to find this week’s setup, but this one is looking solid.

Just be sure to keep an eye out for the entry signal detailed below.

This Week’s Chart

SQ has done a classic Market Roadmap* starting pattern.

If you take a look at the chart linked below, you’ll see that SQ has broken above the orange Roadmap Line (RML), then reached an exhaustion point and retraced back to the RML to find support.

This is the setup for the pattern.

Next, I’ll need to see SQ break above the $74 price level to signal a conservative entry.

You could buy now as an aggressive entry, but you need understand that the setup has a much higher chance of failure right now.

The invalidation of the pattern would be on a move below $58, which is where you should set your stop.

Once SQ has cleared the conservative entry ($74), it has roughly a 70% chance to make it to the target at $85.

If you were wanting a more conservative target you can use the prior high at $80. $91 would be an aggressive target.

The Chart

You can go check out my chart marked up with notes (entries, targets, etc) right here: https://www.tradingview.com/x/7HCAkeTj/

More Free Trade Ideas

I give out free trade ideas like this all the time on my daily morning show “Morning Monster”, as well as my “30 Minutes of Awesome” show Tuesdays at 5pm Eastern.

To get notified every time I go live with those shows, click here to subscribe to my YouTube channel.

Hope to see you there.

— Jeffry Turnmire

 

PS> *If you want more potential setups like this one every week, consider grabbing a subscription to my Market Roadmap indicator. Market Roadmap is my custom-built TradingView indicator that helps me spot many of the trades I post, including this one. If you’d like to grab Market Roadmap for yourself — and get access to some of my private Discord channels, too  — just click here to pick it up for $5!

In my Discord channels, I give out EVEN MORE free trade ideas — so think about it: Between the free YouTube content, the Discord channels and the Market Roadmap indicator, you could have more than a handful of trade ideas every week!

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