The Q's opened with a very small gap up and powered up setting the high of the day @ 10 am @ 66.68 near the declining 20 ma on the 5 minute chart. Then price rolled over triggering the first 5 minute sell in the market, price sold off into lunch setting the low @ 65.96. Price rallied into 1:20 pm setting a higher low @ 66.15 and continued upward into the close but not breaking the high of the day.
qqq02262913
I had short plays in JPM and JDSU that both went to 1 R in profit and I took a break even stop on both. I also had a play in LOW short but I soon realized that I had broke one of my trading plan rules so I immediately killed the play at a break even. My only play worth mentioning was my first play in XOM on a 5 minute momentum play short which I soon realized like in LOW, I had shorted a stock that was trading above its prior days close. My trading plan say's that I'm not allowed to trade a stock short unless it is below yesterday's closing price (reverse for longs). I'm not going to say this was the reason my trade short in XOM did not continue lower, but it would have kept me out of the play had I not overlooked this fact while entering the trade.
XOM had a nice 5 minute red wide range bar that I was able to short the low, my target was at .51 cents. I was in the play all morning but price could not break below Monday's closing price. Price finally ran up during lunch to take out my stop which ended the play with me only losing 1 "R" lose on the play. XOM was never 1 "R" in profits so my plan say's I'm not allowed to adjust the stop like I did on my other plays in JPM and JDSU.
xom