The Q’s just about opened neutral with a small gap lower and continued lower breaking Major support and setting the low of the day at 9:45 am @ 67.66, then the market rallied into 10:10 am triggering the first 5 minute sell in the market. Price headed lower but could not make a new low but made a higher low at 10:55 am. Price powered up over the 5 minute sell pivot area breaking the downtrend and set a new high of the day of 68.05 @ 12 noon. Currently we are sideways, but I’m bullish looking for a late day break out in the QQQ after lunch today…. Here is this mornings chart for the QQQ…
5 min QQQ 02112012
My first play of the day was found on my gap down list as a Tier II bearish gap in QCOM. I waited for the 2nd setup to go lower in QCOM but after a few minutes QCOM popped up taking out my stop. Price proceeded to move lower taking out the large green bar that had stopped my first play. I entered QCOM short again under a green bar ignored and this time price dropped like a rock. I covered 1/2 of my shares at about the .55 cent area then made the mistake of adding back the shares I had just covered (fat finger moment), so I sold the entire lot as price started to move upward. I ended the trade with almost a 1 “R”isk unit of profit after taking a full stop on my first entry. I’ll take it!
