Longs:
HOG – Daily 123 pattern
Shorts:
CHRW – Gap continuation
JNPR – Wide Range Bar
BRCM – WRB
XLNX -WRB
Today after the Fed announcement the market looked like it had a shot of Whiskey with price action in the QQQ all over the place. We did close near the day’s low and we may have a similar price action tomorrow or what you may call a hangover from Wednesday’s Fed day. I’d let price action break the 65.00 area before taking another short, if this happens, look to play a pull back just below the 65.00 area, near reversal time at 10 or 10:30 am, on a 5 minute or 15 minute sell setup, with your target at the 64.00 area. If price gaps up and rallies I’d be looking for a sell setup at 10 am at or near the 65.50 area of minor resistance. I would stay away from long plays until the 5 minute downtrend ends. My bias is caution because if we look left on the daily chart you will notice that price action is nearing an area of overlapping bars which could cause price action to become choppy and less predictable, make sure you look up a time frame for clarity.
qqq10252012