The Q’s gaped up this morning to open @ 75.75 and price stair stepped its way up til 11:45 am setting the high for the day @ 76.28 when price started to fade lower into lunch time on Wall Street. At about 12.21 pm someone pulled the plug on the entire Nasdaq market as trading was halted without warning. Trading resumed @ 3.25 pm just in time for traders to clear their book for the day. The QQQ soon rallied into the close but could not take out the mornings high of 76.28 as the market came to an orderly close @ 76.20…
QQQ 08222013
My trade of the day was in HPQ which I found on my gap down list this morning. The gap was clearing major support and ending the uptrend on the daily chart. I scored the gap as a Tier II gap which I have to wait for a proper entry before entering the play. I chose to enter on a 1 minute sell setup which coordinated with the break of the 5 minute low. I entered with a partial lot and attempted to add shares as the play got moving but finally price just dropped so quickly that I was forced to live with the shares I had. I was able to take a full 1 R out of the play even with the smalls shares I had. My price delta at one point had me up over a dollar in profit which is just amazing. Here are the charts for my play in HPQ…
HPQ 08222013
Here is the zoomed down 1 minute chart of the same play…
