My second play of the day came from my gap down list, INTC(Intel) had a beautiful shocking gap down under a nice sold wide range green bar on the daily chart from yesterday. My opportunity came on the 15 minute chart when INTC triggered a sell at the 200 moving average (Hoss). I usually hold out for the declining 20 ma except for only one condition and that is if the play sets up at Hoss. I really like the gap and the huge void below on the 15 minute sell setup that accrued. The play worked as well as a short play could while the market was rallying in the opposite direction. I covered 1/3rd at the .66 area because of the market strength and I finally trailed out of the play over lunch at the break of the 20 ma on the 5 minute chart. This play has me even on the day and I’ll be looking for a clue to which way the market goes after lunch. Here is the chart for my play in INTC…
INTC 1