The QQQ gaped up slightly this morning put in a topping tail and pulled into minor support and took off higher at 9:45 am. The low of the day was set at 9:40 at 66.55 and it looks like we have set the high of the day back into major resistance at 66.95 at 10:25 reversal time. The next move in the market will be a 5 or 15 minute buy setup and we will have to wait and see if we are going to move higher from here or if it fails we could move back down into major support near the 66.40 area. My first play of the day was in HPQ long which I found on my daily list as a level I pivot from yesterday. This is one of my favorite daily patterns because price usually just rips upward the following day(same for the opposite direction). HPQ gaped up this morning and price was a bit wippy for the first 3 minutes, then price started to consolidate for the next 6 minutes finally putting in a bottoming tail which is a pivot 1 on the 1 minute chart. This tells you that we are going higher, with one more small green narrow range bar, I was in long over the top and price took off nicely. Quick play, 3 minutes later price was putting in a topping tail so I sold 1/2 of my shares, a few minutes later, I added back some shares and reduced my stop. I was hoping that price would take out the high of the day, but HPQ finally rolled over and trailed me out. Hey, I’ll take this play everyday, a great little 2 R trade!
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