The Q’s had a large gap down this morning to open @ 72.96 and rallied for the first 5 minutes before rolling over. Price sold off until 10 am reversal time setting the low for the day @ 72.76 an area of Major Support. Price rallied until 11:05 setting the morning high @ 73.16 before rolling over and selling off til 11:30 am when price pivoted making the first higher low and a potential start to a new 5 minute uptrend. Price confirmed the new uptrend at 11:40 making another higher high of 73.20, from there price went sideways over lunch then pulled back @ 12:30 pm only to pivot and head higher. Price continued to go higher until 2:15 where price started to pull back finally breaking the uptrend by taking out a prior pivot. At 3:40 price started upward again breaking out above the 2:15 high set @ 73.39 and powering upward into the close. Price closed the day near the new high of the day @ 73.50.
QQQ05242013
My play of the day was in ESRX which I found off my daily list as price had broken out 2 days ago and I was looking for continuation of the bullish price action. At 10 am reversal time the market looked like it wanted to go long and ESRX was the strongest stock that I had on my list but it was still trading under it’s 20 ma on the 5 minute chart. A red topping type tail formed on the 5 minute chart @ the declining 20 ma which looked like price was going to head lower. The next bar took out the low and snapped back green, and then closed green. There was my pivot I entry, my “money bar”, I was in long over the high with a 30 cent target in mind to make my day. Price moved up bullishly 4 bars, then pulled back 3-5 minute bars and headed higher taking out my target price and continuing. Since I had made my week, and we were headed into lunch time, and the Holiday weekend fastly approaching, I left my offer out at .81 cents to sell my entire lot. On a normal day, I would have stuck around and got piggish, anyway, 2 R’s in the bank, full share size taken to target, and weekly goal made, time to party!
