The Q's gaped up this morning to open @ 72.70 then drifted lower for the first 15 minutes setting what looks to be the low of the day @ 72.52. At 9:50 am near our 10 o'clock reversal time, price broke out above the 72.70 area and never looked back. Basically the market did a delayed "gap N go" this morning and is currently trading at its highs @ 73.28.
QQQ06072013
I've been a bit rusty this week after my long weekend in SoCal and I was still slightly negative for the week. I just needed a good trade to push my P & L into positive territory. Wednesday, Thursday were both scratch days and very frustrating. A few years ago I would have been down so far with my P & L, I would have not had a chance to recover. Finding good plays has been difficult since Gap season is over and I'm stuck with finding momentum plays by 9:35 am and or my 9:45 am scan for wide range bars. Today I found CELG on my 9:45 am scan with a beautiful sold green wide range bar. The only problem was that price had gaped at the open by $1.50 which usually would eliminate the stock from my consideration but I had nothing else that looked as good, no shorts and no longs. I went ahead and started to watch CELG as price continued to be bullish and continued to move on up. I noticed that every pull back to the 20 ma on the 1 minute chart was bought so I waited patiently as we were heading into 10:30 reversal time. I finally got my entry setup at 10:22 am in CELG, with the markets continued bullishness, I entered my long trade in CELG. I had a .19 cent stop and I was looking for a .44 cent target or a 2 risk unit trade. Price action moved on up painlessly and I sold my entire lot at .40 cents. I did not stick around for more, not this week, I was solidly profitable for the week and it's Friday... Time to chill!
CELG06072013