The QQQ gaped down slightly from yesterday’s close to open the day @ 73.38 and rallied for the first 5 minutes before price action went sideways into 10:30 am where price broke out to the high side and set the high of the day at 73.74 by 11:15 am. Price drifted slightly lower during lunch only to test the highs again by 12:55 pm when price started to sell off hard breaking the 5 minute uptrend in the QQQ. Price fell into the major support area of 73.20 to set the low for the day by 2:50 pm when price again started to really to end the day near the highs at 73.63. We clearly are in a sideways trading pattern seen here on the 15 minute chart of the QQQ…
qqq05152013
My trade of the day came in UAL which I found on my 9:45 scan for wide range bars. I really had a poor list of stocks to work with this morning and since I had been off Monday and Tuesday I wanted something really good before I’d enter a trade. UAL had this beautiful green wide range bar “a pure picture of power” as you can see in this 15 minute chart of UAL below…
UAL15minchart
Now, I just needed an entry which came as a 1234 pattern that I completely missed 🙁 suddenly, I received a second chance as a 123 formed again 🙂 My chart displayed an RBI (red bar ignored, but now the chart is showing a narrow range green bar, anyway, color does not matter as long as it’s a narrow range bar in the upper 1/3rd of the igniting bar) So I entered above, the RBI @ .52. I had a tight stop of .17 cents so I entered with nice share size and price took off immediately. Price popped so hard that I started to take profits almost immediately by offering out on the “ask” and I ended selling 1/2 of my shares at .75 cents and again at my 2nd target of $35.00. UAL moved a full .65 cents in my favor in 15 minutes, wow! I trailed out handsomely with a nice 1 1/2 R profit on a very quick play. Below is my 5 minute chart depicting my entry in UAL…
