The Q's opened pretty neutral but continued upward triggering the 15 minute buy at the open. Price rallied into 10 am and set the high for the morning at 67.26 then price faded back down into major support to make a higher low @ 10:20 am near reversal time. Again the market powered upward breaking out to a new higher high @ 11:05 am then pulled into minor support for 15 minutes finally triggering a 5 minute buy as price moved to new highs and set the high of 67.38 @ 11:45 am. Then price faded back down to the rising 20 ma and the 5 minute buy setup failed where by price sold off hard and made it back down to challenge major support again by 1:20 pm. Price has since recovered and now is going to challenge the highs again but we are some what still in a sideways market.
My first trade of the day was in AIG which I found on my daily list as a possible pivot I pattern which happens to be one of my favorite patterns because of it's explosiveness. I entered on the first 2 minute buy setup after price had gaped over Friday's high and confirmed my pivot I pattern. Price acted bullish for the next 12 minutes before showing signs that we might be headed lower. I was forced into taking my stop but as you can see, the price action in AIG recovered and then it exploded to the upside. Powerful chart patterns lead to powerful moves during the trading day, you just need to have your timing correct....
