Ah, we got a huge gap up in the market this morning as the QQQ opened @ 78.72 the high of the day so far. Price immediately sold off on heavy volume and finally found support and currently the low of the day @ 78.10 by 10:40 reversal time. Price started to bounce off the lows at 11:05 and is currently trading sideways @ 78.24. My play of the morning happened to be in the Q's. The first 5 minute red bar was a nice sold red bar on volume. My play had a nice .14 cent stop with a nice void below, so I shorted the low of the first 5 minute bar. My target was an area of minor support on the 60 minute chart at the .32 cent area. I found it hard to wait for the 5 minute bars to close before taking profits and got faked out on a GBI bar (green bar ignored) and I covered 1/2 of my shares @ .47. As the GBI was engulfed by a new red bar I added back some shares and reduced my stop to above the GBI bar. I covered another 1/2 of my shares @ .35 cents and finally trailed out of the play on a flurry lower. This was a counter trend play and makes management much more difficult. Here is the chart for my play in the QQQ...
QQQ 09162013