Tricky morning with the Q’s slight gap up and price set the high of the day so far at 66.76 by 9:35. Then the Q’s sold off slowly moving down into major support and setting the low of the day @ 66.37 by 10:30. Currently we have moved up to test the high’s again and are at 66.64. I’m expecting a narrow range day and it looks like we have sideways price action in the Q’s. My first play was a 5 minute high play which I believe would have worked out if the market would have continued higher. My play was in STI which I found on my daily list because it had triggered the daily buy and I was expecting a continuation upward. The first bar in STI had gaped up and put in a bottoming tail with a narrow red range body. The next bar was green and took out the high which was my entry long. Price action rolled over on the next 5 minute bar but did not take out the bar I was in so I stayed in awhile hoping things would turn around. Price action continued lower so I took an early stop, I can always get back in later…
STI