The Q's sold off hard again today setting a low on our 3 day hard sell off @ 76.35 before rebounding to close @ 76.96. The downtrend ended on the 5 minute chart but not the 15 nor the 60 minute. For tomorrow, if we gap down or trade through the 76.88 area, I'd look to short the first 5 minute sell that triggers at 10 am or 10:30 am reversal time. Low targets will be 76.44 - 76.35 and an ultimate lower target of the 75.00 area may be hit. If we happen to trade through or gap above the 77.36 area, I'd look to take the first 5 minute buy that occurs near this same area preferable @ a reversal time with a long target of 77.60 area. If we happen to open neutral and go sideways which is very possible after such a large sell off, then I'd wait for a breakout above 77.32 or a breakdown below 76.88 to decide on the direction but wait for the pull back to make your entry.
Daily QQQ 10092013 homework
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Longs: Shorts:
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