On Friday the Q’s gaped all the way down to major support @ 64.60 area and slowly rallied setting the high of the day by 10:15 @ 65.28 and fading lower through lunch making a higher low off the low of the day and grinding upward into the close @ 65.20. My first trade of the day was in RIMM which I found on my gap down list, a nice gap down but hard to take seriously when the market is also gaping down. My entry was a 5 minute low play where price sold off hard at first. My P & L was up one risk unit before price rallied back up to my break even stop killing the play with no profits taken. I re-entered short again on the next bar since price action had triggered a new sell, this time I had a tighter stop with double the share size. Price again sold off quickly and I started to cover some shares down to about 1/2 share size. Again price moved back up into my break even area where I just killed the trade. If price was not going to make a lower low and continue lower, no sense on sticking around for a full stop out, so I’m done with RIMM with a few bucks made. If I would had stuck around I would have ended with a full stop out and a loss of 1 R unit.
RIMM