QQQ update and TraderHank’s long play in CELG

The market QQQ gaped up this morning and immediately set the high at 63.87 which  was the prior pivot high on Friday and at an area of Major resistance.  The Q’s then sold off setting the low of the day at 11:15 am and a price of 63.25 which was an area of Major support.  Then, we rallied into lunch testing the high but coming up short at 1:15 pm before rolling back over and heading for the low the rest of the afternoon.  As you can tell, the market is in a sideways pattern for now.  My first and only plays were with CELG which sold off hard after a shock gap this morning.  The first 15 minute buy ended up being the best buy for the day, but I decided to pass because the market had not bottomed yet and was continuing to sell off.  I took the 2nd 15 minute buy setup and was soon shook out about 40 minutes later.  I re-entered the play during the shakeout patter.  Price recovered nicely and I was up a little over 1 risk unit when price again shook me out, ouch!  What a crazy stock, but I’m sure this was due to the holiday today in where we had a lighter trading volume which made this stock much more volatile.  Again I re-entered the stock on another 15 minute buy and price action broke out at the end of the day.  I still ended down for the day but I managed a smaller loss for the entire day, which is key to a profitable week.

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