QQQ closing update and TraderHank’s play of the day in JCP

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The Q’s opened up neutral @ 78.88 and headed lower breaking the prior low pivot made on Monday @ 78.45 to set the day’s low @ 78.40 by 10:10 reversal time and confirming the 60 minute down trend was still intact.   Price then rallied into 10:40 and triggered our first 5 minute sell in the market.  Price came down until 11:15 reversal time and started its move higher without setting a new lower low ending our downtrend on the 5 minute chart.  Price rallied breaking out above the open and setting the high of the day @ 79.00 by 12:15 pm.  By 12:20 price had broken down hard and took out the prior pivot on the 5 minute chart ending the uptrend.  Price drifted sideways over lunch to further break down at 1:00 pm.  Price sold off hard into 1:55 pm to 78.48 near the lows for the day.  From here, price drifted sideways once again into the close between 78.70 and 78.55 breaking the high of .70 for just a short time before continuing in this range.  

09252013 5 minute chart QQQ
09252013 5 minute chart QQQ

My play of the day came in JCP which I found on my 9:45 wide range bar scan.  JCP really came through for me today as my morning ended with my P & L down -2 R’s.  JCP setup a 2nd 15 minute sell just as the market started to head lower @ 1:00 pm.  JCP had a nice -COG with a narrow range bar to enter short below.  Price soon dropped nicely with the market and my first target was hit @ .18 where I covered 1/3rd of my shares.  I had hoped that JCP would retest the lows of the day @ 9.94 but this would not be the case.  I hung in there as best as I ever could have and was eventually forced into covering another 1/3rd @ .17.  By 2:30 pm price headed lower again and I was hoping for the low of the day but the overall market went sideways and JCP stabilized and I trailed out of the play @ .13 with my last shares covered.  Overall I picked up almost 2 R’s on the play and with my short play in the QQQ I was able to end the day about even.  Scratch day, I’ll take it after a rough morning…

JCP 09252013 1
JCP 09252013 1

    

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