Longs:
ANF – 123 pattern
Shorts:
AIG – Gap continuation
COST – Daily sell triggered
INFY – COG – Daily sell watch
KO – Daily sell triggered
PEP – Daily sell triggered
I was SOH (Set On Hands) last week, all week, due to the storm in the North East my Fusion platform was down all week. They tell me their ready to go for Monday, I still have my fingers crossed… Anyway, I was still trading Forex last week with 3 nice profitable trades. I will make an effort to post more of my Forex plays in the future. As for the QQQ, gaped up on Friday and sold off immediately back into the base and finally broke down short at 1:00 pm and continued sell off hard into the close. For Monday, the QQQ is setting on the 200 day moving average at 65.17 which many traders would believe that we will go long from here. After reviewing Friday’s daily chart of the QQQ you will see that price action gaped up over the prior day’s solid green bar and then proceed to engulf the green bar taking out the low. Greg Capra, from Pristine would call this a “Money Bar” where by prices should move lower. I’m expecting a gap up in the morning since we are at the 200 ma on the daily, but don’t kid yourself, this is not a flat 200 but a rising 200 ma. 200 ma’s hold better if they are flat, thus I’m expecting a move lower sometime during the day. On the gap up tomorrow in the QQQ’s or a rally up, I’d be looking to short the first 5 or 15 minute setup at or near the 65.65 area. My first target will be the 64.65 area with a 2nd target at 64.00 area. My bias tomorrow is short, but you can play long after the 5 minute down trend ends.
