The Q’s had a small gap down this morning to yesterday’s low and rallied up for the first 5 minutes then it rolled back down and retested the low at 65.63 before price rallied upward to make the high of the day at 66.16 an area of minor resistance by 10:30. Then the market sold off hard taking out major support and currently price is basing at the low of the day @ 65.15. My first play of the day was a short in NOV which I found on my Daily break down list. I entered the play on the first 5 minute sell just off the declining 20 ma @ 10 am reversal time. Price action was a little bullish until the market began selling off by 10:30 am. I took some profits at .50 cents and I was already up .50 cents, at this point you start to feel like you are getting a little piggy…lol… Anyway I sold again 1/2 of my shares at the break a 5 minute bar after Price had dropped 5 bars already. I trailed out of the play at the break of the 20 ma on the 2 minute chart which is my favorite trailing method. A 2 “R”isk trade without much worry. Here is my chart for my play in NOV…
