The Q’s opened with a small gap up this morning and sold off during the first 5 minutes and setting the low of the day by 9:35 am @ 67.00 where the market triggered the first 5 minute buy for the day and the Q’s rallied into 10 am reaction time setting the high for the day so far at 67.31. Since, the market has pulled in and triggered a 15 minute buy at 11 am and has now broke through the high of the day and is trading around 67.34 area. My first play was a 5 minute buy in TGT with the market near 10 am reversal time. TGT put in a nice bottoming tail near the rising 20 ma on the 5 minute chart. Text book play, enter over the high of the bottoming tail bar and COG, stop at the low. Price action was just a grind upward and with one Risk unit in profits, I sold 1/2 of my shares at the first 5 minute bar break and finally trailed out of the play at the 20 ma break on the 5 minute chart. I could have replayed the play after the 5 minute triggered again, but I find it hard to continue long going into lunch with an expected pull back or fade in the market over lunch. I’ll look to take target again long on the 15 minute chart after lunch if it sets up.
