The Q's finally broke a lower pivot ending the 5 minute uptrend near the end of the trading day, even though, we are still in an uptrend on the 15 minute chart. If we happen to open neutral or slightly lower above the 78.25 level, I would look to play the first 15 minute buy long near 10:00 am reversal time with a short first target @ the 78.48 area and a long target of the 78.70 area. If we happen to gap over the 78.45 area and price runs up, we could look to take the first 5 minute buy that triggers in the market at or near 10:00 am or 10:30 am reversal time. If the 5 minute chart confirms the downtrend by trading through the 78.25 area or gaps below this area, I would look to take the first 5 minute sell that triggers up into the 78.33 area. My low targets would be 78.20 and a very nice lower target @ the 78.00 area. Click on chart to enlarge...
QQQ homework 09172013
Longs: Shorts:
ALL - Break out continuation VLO - 123 watch
ANR - Daily buy triggered
CHRW - Gap continuation
MS - Gap continuation
PCAR - Gap continuation
QCOM - Bullish Gap surprise continuation
SLB - Break out continuation
WAG - 123 continuation
X - Gap continuation
XLNX - RBI