The QQQ gaped up huge this morning taking out the last pivot high from December 19th and setting the high for the day by 9:35 am @ 67.10, then retested this area again near the 10 am reversal time. Now the market is drifting lower and is currently at 66.61 and is looking for the bottom of the day. My first play was a 5 minute low play in NOV which had been rallying for the last 7 hours prior to price gaping at the open above its high set on December 20th, and setting today’s high of 70.21 in the first 5 minutes of trading. As price took out 4 lower pivots and with the last 7 hours of bullish market action, the gap up was definitely novice in nature, and could be looked at as a bit climatic, this is the reason I shorted the 5 minute low. Price dropped nicely but I was only able to pull 1 1/2 Risk units out of the play before price corrected and put in a 5 minute buy setup at the rising 20 ma. The play had huge potential but with the market’s bullishness, NOV was due to rally as it did before drifting sideways. I did have one add and reduce area, I accidentally bought 8 times the amount of shares that I had intended on but the play worked out nicely profitable even thou I’m a bit rusty from our recent Holiday. Here is the chart for my play in NOV…
