The QQQ gaped up this morning to Tuesday’s highs at 65.71 and investors did not wast any time selling and prices moved back down through minor support, then through major support and now setting at the lows of the day at 64.81. The next level of support from here is the 64.50 area which price action looks like it wants to retest this area. My first play of the day was in JPM which I found off my daily list because price had been basing for the last 2 days. JPM gaped just above the base and the first 1 minute bar put in a nice bottoming tail. Over the top of the 1 minute bar gave me a nice 13 cent stop and nothing but clear sky above. I added and reduced 3 times in the play and selling at new highs. If you want to see how a professional trade looks like, check this chart out. My goal is to make every trade look as good as this one. Ah, I could hear the silent applause! Here is my textbook chart for my play in JPM…
JPM
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