The QQQ had a small gap up this morning to open up @ 78.49 above Tuesday's high of 78.47. Then, price just went sideways trading in a tight range between 78.51 and 78.45 until 11:00 am when prices started to fade a little hitting the low of the day by 12:00 noon @ 78.33. From here price started a slow grind up into our Fed announcement @ 2:00 pm when prices exploded to the upside setting the high of the day at 79.47 by 3:00 pm. Prices are currently trading just off the highs @ 79.34 with 10 minutes left to go in today's trading...
QQQ 09182013
My play of the day came in ALL which I had found on my daily list as a 123 continuation play. After the Fed announcement, I was looking for something that would pull back for an entry. My whole list was just powering upward with no entries in site, then I noticed a bottoming tail bar in ALL on the 5 minute chart. ALL, had just a 2 bar pull back, I usually look for 3 red bars at least, but price action put in a bottoming tail that I found compelling enough for me to hit the ask @ .75 cents. Not a huge void to the upside but with the QQQ powering upward, I thought ALL had a chance to give me more than just 1 to 1 risk. Price powered upward nicely and I sold 2/3rds at the prior high @ .90 and I kept a 1/3rd for the break out higher. I moved my stop to a penny just above break even and unfortunately, price broke down and trailed me out of the play. I made an "R"isk unit on the play. Here is my chart for my play in ALL...
ALL 09182013 5 minute chart