The Q's gaped up big this morning to open @ 77.81 and immediately set the low for the day @ 77.79. Price powered upward into 10 am reversal time and set the high @ 78.01 then pulled back into 10:20 am reversal time triggering the first 5 minute buy. Price rallied into 10:50 setting a new high for the day @ 78.09 then price faded once again into 11:15 reversal time and triggered the 2nd 5 minute buy. Again, price powered upward breaking out above the high of the day until 12:30 pm setting a new high @ 78.55. Price again faded through the rest of lunch but @ 2:15 price started to grind upward again setting the final high of the day @ 78.79 by 3:10 pm. Price faded slightly to close the day @ 78.52 with both the 5 and 15 minute time frames in an uptrend.
QQQ 10102013
My only play of the day came in GILD which I found on my gap up list and I rated the gap as a Tier III gap which requires a proper setup to enter. My entry came just after 9:35 reversal time when GILD pulled back nice on the 1 minute chart giving me a beautiful setup with narrow range bars, slight bottoming tail, a change of guard and a nice risk to reward. I found myself entering the play long almost without thinking about it. Price took off quickly over .35 cents in 4 minutes, my real target was back at the high @ 62.80 but when you up so fast and so quick, it's a gift so I sold as a red bar was starting to penetrate the last prior green bar on the 1 minute chart. A very fast 1 "R" trade that could have been played a 2nd time as well.
GILD 10102013