The Q's opened at 67.06, a slight gap down to the prior lower pivot area on the 15 minute chart, then price sold off until 9:40 and pulled back and triggering the first 5 minute sell setup for the day by 9:55 am and priced moved lower taking out the low of the day and setting the low @ 66.63 by 10:05 am which was a major support area from Thursday of last week. Price then rallied to break out above the high of the day set at the open and started to base sideways over lunch at the 67.21 area. Price finally broke out to new highs on the day at 3:10 pm and set the new high of 67.37 by 3:30. Price then sold off into the close and the Q's closed at 67.32 an area of major support.
My first trade of the day was just a complete disaster in NTAP which I found on my gap down list gaping to the lows of Friday's. I made the mistake of entering on the 1 minute low and instead of placing my stop, I accidentally added 3 times the shares that I risk sized for. I sold 2/3rds of the shares to get my risk size down but then price rocked upward and I did not have enough time to have my hard stop in I was was forced into a 2 R loss which was not a great way to start the day. I attempted another short at the 2 minute sell setup, but again price ran over me and by the time I was out I was down over 3 R's Ouch! Price continued to move upward to a climatic level above Monday's closing base and up to the highs. I shorted again off the two minute chart after a bottoming tail failed to move higher and the 5 minute sell was setting up. I finally got a reprieve as price moved lower nicely. I was able to pick up 2 risk units as price moved lower, I finally sold as price had retraced 50% and had put in a bottoming green bar.
