The QQQ's gaped down at the open and immediately set the high of the day at 67.21 by 9.45 then price sold off to set the mornings low at 66.53 by 10 am. Price then rallied into the declining 20 ma on the 5 minute chart setting a lower pivot high @ 10:45 am and triggering the first 5 minute sell. Price continued lower until 12:35 where again price rallied into the declining 20 ma on the 5 minute chart and again price set a lower high at 66.27 by 1:05 pm and triggered another 5 minute sell in the QQQ. Price continued lower finally setting the low of the day at 2:10 pm at 66.23. The Q's rallied into 3:30 pm ending the down trend on the 5 minute chart but then price rolled over to close the day at 66.54.
5 min QQQ 02212013
My first play was a 5 minute momentum play in AKAM which I found on my daily sell list because price had triggered a sell yesterday. My entry came after 5 minutes when a large red wide range bar appeared which I'm allowed to play under the low of the first 5 minute bar. Price threatened the high only during the 2nd 5 minute bar, but then price started to move lower nicely. Price finally hit my first target at .63 cent but could not get to my lower target of .09 cents which I found on the 60 minute chart. I was forced out of my play after a break of the last prior 5 minute higher pivot ending the down trend in AKAM. I've been on vacation for the last 3 days so I felt pretty good with my first trade in AKAM.
akam02212013