The QQQ opened neutral @ 76.03 and immediately set the high of the morning so far @ 76.04 before heading lower. Price triggered the first sell by 9:55 am reversal time and continued lower setting the low of the morning by 11:00 am reversal time @ 75.38. Price is very weak and is drifting sideways as we head for lunch on Wall street, the Q's is currently trading @ 75.53...
QQQ 5 minute chart 08302013
I had a text book play this morning in Home Depot which I found while doing my 9:45 am wide range bar scan. Price action in HD caught my eye soon as price began consolidating on the 5 minute chart. As price action went sideways within a tight base it formed a beautiful 1234 play on the 15 minute chart. I waited and waited almost thinking that the play was not going to happen. I saw the market start dropping but HD continued to base sideways. As the market sold off harder, I decided that HD was due to drop lower so I hung in waiting for price to hit .73 on the ask. My patience was handsomely reward as price broke down and I entered my short play in HD. Soon price hit my first target of .50 cents where I covered 1/2 of my shares, then price just flurried lower with a big red wide range bar so I covered another 1/4 of my shares. I moved my stop down on lower pivot areas on the 2 minute chart with my play finally trailing out above .54 cents. A Nice 2 "R"isk unit play to start the holiday weekend...
HD 08302013