I sat around all morning wondering if I would get a trade off as the QQQ's had gaped up this morning clearing yesterday's highs. The first hour of trading in the Q's was in a narrow range and I was really wanting to see if we would breakout or breakdown after the first hour. At about 10:40 I noticed that the Q's looked like the 60 minute bar was going to close solidly red, then at 10:45 the Q's put in an igniting red WRB to the downside taking out the previous hourly low. I decided if the 5 minute bar closes solid, I'd be in short. The very next bar took out the low of the WRB and I was in short @ .95 cents. Price started to move lower nicely but then the entry bar closed with a small bottoming tail bar, the next bar closed with a red topping tail. At this point there was no clear direction in the market except I was expecting the hourly bar to close red. Price then started to rally for 20 minutes only to trigger a 2nd PSS which I added to my short play. The Q's then put in a GBI and it was all over from here as I watch the Q's sell off nicely hitting my short targets at .92, .87 and my final take it all off area of .80 cents, wow! A big play in another fabulous week of trading for TraderHank 🙂
QQQ 07162014