The Q’s on the open had a slight gap up today opening @ 68.34 and soon set the mornings high at 68.57 within the first 5 minute of trading. Price retest the lows by 9:45 @ 68.25 then rallied back up to test the high for the morning but price could not break through and the Q’s headed lower until 10:30 reversal time setting the low of the day @ 68.08. Then price started to grind upward testing the highs right before lunch and breaking out above the highs during lunch and continuing a 5 minute up trend to set the high of the day by 3:35 pm reversal time @ 69.04. Price pulled back over the last 30 minutes to close just above the rising 20 ma on the 15 minute chart @ 68.80.
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My play of the day came on a 5 minute low in SNDK which I had found on my Daily play list as a 123. The first 5 minute bar closed as one of those red spinning top type bars breaking the upper and lower pivot areas on a long prior consolidation. The next bar was a narrow topping tail consolidating price in the lower 1/3rd of the first 5 minute bar. This is known as a 123 pattern and it made a terrific entry for a short in SNDK in which I entered on the next bar as price took out the first 5 minute low. SNDK was a little wild at first but price settle down allowing me to cover and take profits @ .72 my target 1 area. My T1 area bar closed green and then was taken out by another red bar in which I added back to my position as I was looking for a measured move lower. OMG! That is exactly what happened as I covered additional shares @ .25 then price action caused a 2nd green bar to close and again it was taken out by a red bar, yes I added back to the position while lowering my stop. Could this be a 2nd measured move lower? OMG! Yes, price moved downward nicely and I covered additional shares @ 50.75. Shortly there after I was trailed out of the play handsomely rewarded! I had been looking for a play like this last week with no luck, finally it came today 🙂
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