The QQQ opened the day at 67.17 just slight lower from Friday’s close and rallied up to the declining 20 ma and triggered the first sell for the day by 9:40. The Q’s headed lower setting the days low by 10:35 @ 67.07 then priced rallied back up to test the Friday’s afternoon highs of 67.45 where price based until lunch then rolled over hard heading lower to test the 67.07 low of the day by 12:35. Price headed upward and never looked back making high highs and higher lows, the QQQ broke out above the days high of 67.17 only to close at the high @ 67.75.
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My play of the day was my token long in C which I found during my 9:45 wide range bar scan. I needed a long just in case the market decide to break out and go long as it did, I entered my long in C after a retest of a prior low area just after triggering a 5 minute buy setup. I used the stop from this first 5 minute buy and entered the play long at 11:15 am. Price did what I expected it would do and that is to consolidate for much of the day and finally breaking out to the upside at 2:15 pm the end of the lunch period. Price rallied hitting my first target where I sold 1/2 of my shares and price continued to rally into the close where I sold my last remaining shares. A great trade making 1 1/2 risk units…
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