The QQQ opened @ 75.55 today after yesterday's close @ 75.57 and sold off for the first 5 minutes before reversing at our first reversal time of the day at 9:35 am. The Q's rallied up into 11 am to match yesterday's high @ 75.74 then price rolled over and headed lower taking out yesterday's low of 75.35 and triggering a new 5 minute downtrend setting the low @ 75.25 by 1:15 pm. The Q's have since ended the down trend forming a W pattern on the 5 minute chart and is currently trading above the rising 20 ma on the 5 minute chart @ 75.51.
5 min chart of the QQQ 07182013
My play of the day came in SNDK which I found as a Tier II gap this morning. SNDK sold off hard this morning filling the gap and bouncing. I missed the first buy and decided to wait for the next 5 minute buy. Price action soon sold off again to test the lows then price once again bounced creating a higher low. Soon there was a 2 bar pull back and price looked as if it had created another higher low, so I entered the play @ 60.00 with 1 of 3 lots. I knew that price could be a little violent and it was as SNDK picked up my other two lots as price snapped lower. Price soon recovered and moved my position into profitable territory. I was looking for a 40 cent profit on all 3 of my lots then suddenly price popped selling 2 of my 3 lots with over 40 cents of profit. It was soon after that SNDK took out my last lot @ .40 cents and by the looks of the chart, I left a lot on the table. I'm going to have to start leaving my first lot on for a longer target, as in every profession, there is always something to work on. 3 lots each to 40+ cents in profit = a really nice 3 "R"isk unit trade for TraderHank 🙂
