The QQQ opened neutral and immediately ran up and retest the highs from Wednesday setting the high for the morning at 67.69 by 10:15 am. Then price moved down to retest the low of the day which was near the opening price of 67.24 but could not break through the low and set a slightly higher low at 11:00 am at 67.32. Price continued sideways through lunch to break upward at 1:15 pm and set a new high for the day at 2:30 pm at 67.74. It was no surprise when price finally rolled over again in an area of Major Resistance, the Q's sold off hard into the close breaking through the low of the day and closing at 67.17...
5 min QQQ 02282013
My first play was in UNH short which I found on a 5 minute scan as a momentum play because of it's large red wide range bar to the downside. I shorted the 5 minute low and price moved down rather nicely. I rather play the market short since the Q's were already at Major Support and should turn sometime today. UNH never gave me 1 unit of risk, nor did it hit my first target area. At 10:55 UNH started to rally, even thou the market was going sideways, price rallied taking out the mornings high which was also my stop then finally rolling over. Price fell just as hard as it rallied closing near the lows of the day. My only mistake here was shorting UNH at a time that price was still above the 20 ma on the 60 minute chart. This is one of my requirements that I overlooked, and I would have been better to pass on this play...
