Happy Monday everyone, the Q’s gaped up this morning and rallied into Friday’s high for the first 5 minutes, setting the high for the morning at 9:35. Price action then rolled over took out the low of the first 5 minute bar and continued lower taking out Friday’s low by a few cents @ 10:30. The market has now rallied back to the high and is now challenging the high. We are definitely in a sideways trend on the 5 minute chart. My first play was @ 10:28 which now was a mistake since the market turned upward at 10:30. I took a consolidation break down in CELG which I found during my 9:45 wide range bar scan. CELG had a nice dollar void below that got held up on a 200 moving average on the 60 minute chart. Price action had traded through this area before and I thought there might be a chance that we could move through again. With the market starting to rally, I was forced to move my stop down to a 2 minute pivot area that had formed which got me to a break even on the trade. I finally trailed out without hitting my targets. I’ll see if CELG will set up again later on the 15 minute chart. Here is the chart for my short play in CELG.
CELG