The QQQ gaped up this morning to open @ 72.28 then pulled back to the low of 72.07 and triggered a buy at 9:45 am. Price moved back up but could not break out above the 72.28. Since, price has went sideways bouncing between 72.07 and 72.32 and the market is basically in a chop slop movement. Trading in this environment is not advised until we break out or break down.
qqq 09102013
I had a beautiful 9:45 play in SLB which I found while doing my 945 scan for wide range red bars. My entry was a 5 minute sell that triggered as price hit minor resistance. Price moved down 6 red bars hitting my first target at .02 then 10 minutes later I trailed out of the play as a green bottoming tail had formed. I would have left a few shares on but the market did a head fake short which caused me to take my play in SLB and now the market bounced back up looking a bit more bullish. On these chop slop days it’s best just to take your profits when given to you. I made a little over 1 “R”isk unit in my short trade in SLB…
SLB 09102013