After today’s gap up and the QQQ triggering a daily buy, I’d have to believe that the Q’s will continue higher. Even though my bias is long, for the last two days, short traders have been making a bundle on pull backs. For Friday, if we open neutral or gap up slightly, I’d look for the first 5 minute buy that triggers to enter long with a target between the 79.32 and 70.35 areas. If we happen to gap up to the 79.35 area, I’d wait for the uptrend to end on the 2 minute chart at 10 am or 10:30 am reversal time before I’d look to enter short on a 5 minute sell that triggers in the market. If we happen to open neutral and begin to trade below the prior pivot on the 5 minute chart or gap below the 78.93 area, I’d look for the first higher low on the 2 minute chart to get long with the same long targets as above, a 5 or 15 minute buy at 10 am or 10:30 reversal time would be preferred. I’d look short only if we happen to trade below the 78.84 area or gap below this area, then I’d take the first short on the 5 or 15 minute time frame that triggers with a low target of 77.65. Click on chart to enlarge…
QQQ homework 09262013
Longs: Shorts:
ADBE – Daily buy triggered CSCO – Daily buy failure
AXP – Daily buy triggered JNPR – Level I pivot
APOL – Daily buy watch LLY – Gap continuation
DIS – Daily buy triggered
EBAY – Picture of power
GILD – Daily buy triggered
PEP – Daily buy watch