Price had a small gap up in the QQQ this morning to open @ 83.17 then sold off immediately into 10:05 am reversal time setting the low of the day @ 82.70. Price rallied halfway back up until 10:30 am then rolled back lower to retest the low of the day. After an unsuccessful retest of the low for the day, price started to rally @ 11:35 am to come just short of the high of the day of 83.26 by 1:05 pm @ 83.17. Price has since went sideways as expected because of tomorrows FOMC announcement, price is currently trading between the 83.17 and 82.96 area.
QQQ 10292013
My play of the day came in ADBE which I found while doing my 9:45 am scan for wide range bars. ADBE sold off hard almost negating my play. I hesitated and did not take the first 5 minute buy that triggered. 15 minute later we had a retest and a 2nd buy that triggered, I entered the play with 2/3rds lot and I added the last 3rd as my entry bar was taken out on the very next bar. I allowed for a larger stop on the play which can sometimes ruin the risk to reward, but in this case I was handsomely rewarded as price finally lifted and hit all 3 of my targets. I netted a nice 2 1/2 “R”isk units on my 9:45 am wide range bar play in ADBE…
ADBE 10292013