The Q’s gapped up this morning to open @ 78.02, not a huge gap but bullish. Price immediately set the low for the day @ 77.98 and price started it’s grind upward confirming our new 5 minute up trend and taking out the last pivot high on the 15 minute chart ending the down trend on that time frame. We have what traders would call a trend day in the Market where all pull backs have been bought. The Q’s set the high of the day by 2:30 pm @ 78.47 and currently triggering another 5 minute buy. Price is currently trading @ 78.41…
QQQ 5 minute chart 09172013
My play of the day started near 11:00 am reversal time on a 5 minute buy that triggered @ Major Support. I’m not usually fond of playing major support plays, but the daily chart has been a “picture of power” and I felt the odds were in my favor. The 15 minute chart was also triggering a buy as well. Price was in no hurry to reward my efforts as WAG just thrashed around until 12:15 pm when price just popped to the upside. Price then pulled back for 10 minutes and then just continued to grind it’s way up to my first target @ .78 and then to my 2nd target @ 54.99 but my offers did not hit and I had to settle for .84 cents. I finally trailed out of the play near 2:20 pm as price started to pull in after retesting the 54.00 area without breaking through. A nice little 1 “R”isk unit on this trend day in the market…
WAG 09172013