Happy Tuesday everyone, the market gaped lower this morning to Major Support and price action just continued through support lower. There is no doubt that the daily uptrend in the Q’s is over! We now could be in a sideways or downtrend, the downtrend would be confirmed with another higher low on the daily chart. We are definitely in a downtrend now on the 60 minute chart. My first play today was in Intel (INTC) which I found this morning on my gap scan. INTC was gaping to a new low taking out a prior pivot low and had nothing in the way to go lower. My entry came after a red wide range bar that INTC put in on the 2 minute chart. I entered on a 2 minute low, which was a bit aggressive, but I was willing to place the stop at the high of the red WRB. I felt that with my large stop, I could hang in on any retracement. It was not until 10:45 that INTC broke down below it’s first 5 minute low of the day. I did not get the drop that I had expected, but I ended the play with a little more then 1/2 “R” as the market was bottoming out. Looking back on it now, I could have stayed in and made the price action take me out. Since I had to stay with the play so long in the negative, I just did not want to give up the little that I had made this morning. Giving up a little for a lot more is a traders struggle that will never end. Here is my chart for my play in Intel (INTC)
INTC