The Q’s gap down this morning to open @ 69.61 ending the uptrend on the 15 minute chart. Then the Q’s rallied into 10 am reversal time setting the high of the day @ 69.72 before rolling over to make a lower low by 10:20 @ 69.32. The Q’s then rallied into 11 am before rolling back over to set the low of the day by 12:10 pm @ 69.27. Since the Q’s have been rallying through lunch and are near the highs of the day @ 69.70 here a little after 3 pm.
5 minute chart QQQ04262013
My play of the day/week came on a bullish daily gap in JCP which I fund this morning during my early morning gap scan of gaping stocks. JCP was a Tier II gaping stock which required a proper setup for entry. JCP opened by immediately pulling back 5 bars on the 1 minute chart giving me a buy setup with a COG (change of guard bar) which in this case was very potent as price blasted upward as I entered JCP long. Price took no time in reaching the target one area @ .30, then price consolidated till 10:30 reversal time and shot upward hitting my target II area @ .50 cents. I’ve struggled all week long to become profitable and this trade sent me over the top as far as profits. Always dance with the one that brought you to the dance as the story goes, so I reentered JCP long after a hard pull back near 11:45 @ .57 and a stop of .46 as we headed into lunch. Price action stayed bullish and by 1:20 JCP hit my new target one of .75 where I sold 1/2 of my new position and holding the last 1/2 at a break even stop of .58 cents. Price soon broke down taking me out of my 2nd play in JCP with a full 2 Risk units of profit on the trade and making a very hard trading week profitable. Here are the charts for my play in JCP…
