The Q's gaped up to open the day at 67.57 at an area of Minor Support then pulled back and rallied to the high of the day @ 67.81 by 10 am. Price rolled from 10 am triggering what appeared to me as the hourly sell where price continued downward in a stair step fashion lower into lunch when price retraced until 1 pm and continued lower. The 5 minute chart looks like a text book down trend with the QQQ selling off into the close and finally bouncing higher during the last 5 minutes of trade to close at 66.67.
5 min QQQ02252013
My first play was in CREE on a 5 minute momentum play lower which I found scanning my universe of stocks at 9:34 am looking for a wide range bar. I took the 5 minute low of CREE with stop over the high. My long target was .51 but at 1:00 pm I was able to add twice the number of shares that I had and move down my stop to a break even with the additional shares added. Now I was able to cover 1/2 of my shares at the low of day .74 cents and I held on to the last 5 minutes of the day and covered my last remaining shares into the close at .58. I have to admit that this is one of my finest trades as far as following a trading plan, execution, and profits made, this is what a professional day trade looks like...
cree02252013