Boy it’s been hard to get back into the swing of things since I took most of last week off to cook our families Thanksgiving day feast. It’s been a struggle all week and it looks like today is going to be a scratch day. The market QQQ gaped up this morning setting the day’s high by 10:00 am and triggering the first 5 minute buy at 10:30 am. Since, we had a nice big red shakeout bar at 11:40 which could have been played long by those that look for these types of plays that usually happen over lunch time. Currently the market has recovered but has not been able to break out above the high of the day of 66.14 set at 10 am. My first play was my 5 minute Gap sell play which looked pretty good for awhile but finally stopped me out as the market continued higher. The play requires a bullish gap up with a quick 5 minute rally which RIG gave me. The first 5 minute bar also closed with a nice topping tail which gave me confidence to short RIG if this 5 minute topping tail bar was taken out quickly. I also liked the fact that the market had been up for the last 6 hours and was due for a pull back. RIG quickly took out the first green bar of the day and I was in short. Price action looked promising and even tested the high again without taking out my stop. Then price sold off hard taking out the last two 5 minute green bars 🙂 but this was soon negated when price recovered taking out the high and stopping my play 🙁 Good Grief Charlie Brown!
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