The market(QQQ) gaped at the opening today above the last hourly red bar from yesterday's close @ 66.76 and immediately set the low of the day at 66.61. The Q's just rallied all day long setting the high of the day by 2:50 pm at 67.67, then the Q's finally sold off breaking the 5 minute uptrend to close the day at 67.47. A trend day in the market which can be difficult for even the most astute trader.
I took 4 trades today, after the 3rd trade I was down about 3 R and was just about to turn the computer off for the day when I saw a beautiful 15 minute buy setup in XOM. I found XOM on my gap up list this morning as a Tier III gap which I could only play as a 15 minute buy setup according to my trading plan. The entry came at 12:45 just as the market was breaking to new highs, I had a nice .10 cent stop and I went full share size, XOM did not disappoint and rocketed back up breaking above it's prior high set at 90.09 a full .43 cents where I sold 1/2 of my shares. I took my last 1/2 shares at 90.11 as I trailed out of this beautiful 4 "R" trade. I ended the day up about 1 1/2 "R's" for the day, not bad on a day that I thought was over...
xom02052013