The QQQ opened neutral @ 78.09 and chopped around for the first 30 minutes setting the high of the day @ 78.14. At 10 am reversal time, price headed lower into 10:30 am setting the low of the day @ 77.64. Price then rallied hard into 12:20 pm lunch time and price soon did a 15 minute shakeout to the downside making traders think that we were going lower. Price recovered @ 12:45 and drifted higher into 2:00 pm but never breaking out above the high of the day. The Q's went sideways for the rest of the afternoon to close @ 78.02...
QQQ 09132013
My play of the day came in WAG which I found on my Daily watch list as a "picture of power" as price action had formed a beautiful wide range green bar yesterday. I felt that there would be some upside if I could enter near the low of the day. I got my wish as price fell hard into 10:30 am reversal time setting up a beautiful 5 minute buy @ Major Support. I got in over the last red bar with a nice 15 cent stop and price just flurried upward and soon hit my first target @ $53. Price then formed a nice bullish base and broke out to the upside hitting my 2nd target @ .26. I was hoping to make it to the high of the day at .47 but I was trailed out of the play @ .20 cents. Just a beautiful way to end the week with a 3 + "R"isk unit move, netting a full 2 "R's" of profit...
WAG 09132013