The market gaped below the major support area this morning of 65.03 and quickly set the low of the day in the 2nd 5 minute bar @ 64.66 before pushing upward and setting the high of the day by 9:45 am @ 65.08. Then the market triggered the first 5 minute sell which worked out as price has since moved lower. The Q’s price action looks like it will be a narrow range day in which it makes more sense to take quick profits vs attempting to stay in the trade all day. My first play was a 15 minute sell setup in SNDK which I found on my gap down list. Not a Tier I gap but something that could be played mid-morning if price action set up correctly. The setup was by no means “good looking” or text book, it was more gut felt then anything and I had the market with me. The short play was also triggering on the 5 minute chart as well so I had the 5 minute players on my side. I entered on the break of the COG bar on the 15 minute chart with a target back down at the low. I’ve seen this type of chart before, when you have a significant bottoming tail, you cannot expect to reach the bottom on the first sell setup, you have to be realistic on your lower target. Price action moved down nicely allowing me to take profits at ideal areas and finally trailing out of the play at the perfect location. With this trade and the profits from yesterday, I have my week in. Monday, Tuesday, and Wednesday were all scratch days but Thursday and today, Friday made the week. The big key here is be patient and wait for your trades, don’t settle for 2nd best, you can be as exact at trading as you want to be, it’s up to you! Have a great weekend everyone!
sndk