QQQ update and TraderHank’s play in WAG

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The QQQ gaped up this morning above the prior 15 minute pivot to open @ 79.34, then sold off for the first 5 minutes taking out the low causing traders to enter short. Price soon recovered closing near the high of the first 5 minute red bar and poking above to set the high of the day so far @ 79.41 and causing many traders to enter long. Finally, price sold off hard taking out the prior green bar and we were off to the races short in the QQQ as the longs were caught off guard and had to cover, a very tricky 15 minutes of trading this morning. The QQQ sold off into 10:10 am reversal time and price then went sideways until 10:50 and broke down again.  The QQQ sold off setting the low of the day by 11:15 am reversal time @ 78.46.  Price then formed a W bottoming formation by 12:00 noon and has headed higher and currently trading @ 78.76,

qqq 09232013
qqq 09232013

I had a nice 15 minute buy setup in WAG this morning as the market was turning @ 11:15 am.  I found WAG this morning on my GAP up list gaping over Friday's red bar which is very bullish and is possibly an RBI (Red Bar Ignored) on the Daily chart.  RBI's can be powerful patterns because they setup measured moves.  As a COG formed on the 15 minute chart of WAG, after a 4 bar pull back, I zoomed down to the 5 minute chart where a doji style bar was forming.  Narrow range bars are a sign that momentum is slowing so I was prepared to enter just above this bar.  As I entered price moved up nicely and I was able to hit my first target @ .48 where I sold 1/3rd of my shares.  I sold another 1/3rd @ .56 as price was getting a little shaky.  Then I was hoping to add and reduce my stop and I got my chance 10 minutes later on a 2 bar pull back.  The reduced stop was broken 10 minutes later as I trailed out of the play.  This play had all of the potential, but with the market weak, you've to be ready to take your profits quick on a long play.  The play netted just under 1 risk unit of profit, here is the chart for my play in WAG...

WAG 09232013
WAG 09232013

       

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