TGIF – Just as I mentioned in last nights stock picks, the market gaped over yesterday’s high. My post recommended taking the first 5 minute buy setup and if you did you were handsomely rewarded. The Q’s triggered the 5 minute buy at 9:45 am and set the high at 10:30. We have since rolled over hard and I’d be looking for a 15 minute buy sometime over lunch or late afternoon. My trade this morning was in VLO which was on my Daily list as a Gap continuation play. VLO gaped again this morning over yesterday long consolidation, I wanted the 2 minute high as an entry, but I just could not take the trade, so I waited for a pull back and soon I was able to
VLO
enter on the first 5 minute buy. I had a nice tight stop and was able to max out on the share size. Feeling a bit blotted I sold 1/2 the shares on the flurry up into .34 which was .10 cents of profit. The remainder I was looking to sell again at the High of Day (HOD) but price could not break through, so I sold the rest of my shares on a 2 minute bar by bar break. This play was on a very bullish stock and price should have taken out the high by definition of an uptrend and therefore I took my chips to the bank! As you see the chart above, I made the right decision.