Yes, at the start of lunch, the Q’s put in a large red bar on the 5 minute chart starting the lunch time move lower. I entered on the break down setting my stop above the last pivot area on the 5 minute chart. This was a bit early, the 4 bar pull back into the declining 20 ma was really the correct entry short. Ahhh, these are the items I need to work on. Anyway, my stop held and the Q’s started it’s slow and painful move downward. I sold 1/3 of my shares at at 5 minute bar by bar break, then I sold another 1/3rd at the flurry down (see chart). My last 1/3rd was sold when the market was hit with a bad tick and a large spike hit my stop and I was taken out. Actually, I saw the print go buy so it really was not a bad tick. Having a spike take you out is the hazards of using hard stops, but If you are like me, I have a tendency of not taking my stops if I don’t use them. I have found this a sure way of solving my “not wanting to take a stop syndrome” problem and thus I’ve become a profitable trader as a result of using hard stops. Now the Q’s has popped a bit on Beige Book news that was just released, we will see what happens from here… Here is my chart on my play in the QQQ.
qqq play