After yesterday's hard sell off in the market, we gaped down from yesterday's close to open @ 72.97 and rallied for the first 5 minutes before heading lower testing the first 5 minute low of 72.83 before heading higher at 10 am reversal time. Price rallied into 10:30 setting the high at 73.50 and currently the Q's are beginning to break out above this area confirming a 5 minute uptrend in the market.
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My play of the morning was in HPQ which I found this morning as a Tier II bullish gap which requires a proper entry to play. HPQ started to sell off at the opening and put in a small bottoming tail on the 1 minute chart. It's hard to take this entry because we have not established an uptrend yet, so I waited. When the 5 minute high was taken out confirming the uptrend, the next pull back would be buy able and my entry came at 9:40 am as price displayed a beautiful bottoming tail on the 1 minute chart. I entered above .38 cents and price moved up nicely. I sold 1/2 above the .50 cent area (.57) and again at .71 cents. I intended to hold my last few shares for my longer target of 24.00 but I became impatient with the price action and sold my final shares. I guess I'm going to have to get a stop watch and start the watch the moment that I want to take my money off the table. I'll wait for 60 seconds and then decide to sell, in the case of HPQ I would have been rewarded with my final few shares as I watched HPQ take off to my target. Trading is never perfect, but you can make improvements overtime and the biggest thing that I've had to realize is to be happy with any winning trade and just say "NEXT" and go find another great trade. I made 2 risk units on my trade in HPQ... Next!
