The Q's opened up at 63.93 at the highs of yesterday afternoon, then sold off setting the low of the day at 9:50 am @ 67.78. Then the QQQ rocketed upward setting the high of the day by 10:10 @ 53.98 and for awhile price action went sideways leading many traders to believe that this might be a trend day higher. We had a retest and failure to make a new high at 10:40 am and have since moved lower and currently price action just put in a large wide range red bar to the downside ending the thought that this would be a trend day.
QQQ02132013midday
My trade of the morning was in JCP which I found on my gap up list to play later this afternoon. JCP was a Tier III gap and needed an intraday pattern to enter the play which occurred after the market was open for only 4 minutes, price action just rocketed upward putting in a large green wide range bar. This is a momentum play and I was looking to play the pull back. I got my entry on the 1 minute chart as a buy setup, once triggered, price action popped up to a 2 R profit and I sold 1/2. I took off the last 1/2 after the break down of a 1 minute bar. I re-entered the play after the price action started to base and consolidate nicely seen here on the 1 minute chart. I entered after a small little shakeout formed and then price action attempted to break out twice, but could not get above .05 cents. During the last attempt, I slammed my stop to a break even to protect my morning profits and I was soon stopped out of my 2nd play in JCP. Not bad, just under a 2 R profit for TraderHank's play in JCP...
jcp02132013