The Q’s opened with a small gap down on Friday morning @ 78.41 and immediately set the low of the day at 78.40 where price found minor support and started upward into 10:10 am reversal time. Price then went sideways into 10:30 am and triggered the first buy set up on the 5 minute chart. Many traders were caught off guard when price rolled over causing the 5 minute buy to fail. Price mysteriously recovered at 11:00 am, went sideways until 11:30 where price broke out and rallied over lunch time to set the high of the day @ 79.29 by 1:10 pm. Price pulled in a bit to trigger another buy at 1:30 and Q’s rallied back up to the high of the day but was unable to set a new high. By 2:15 pm reversal time the Q’s began to fade into the close with a nice pop in the last 10 minutes of the day to close @ 79.23
QQQ 10112013
My play of the day came in ADBE which I found on my daily buy list. ADBE gaped down like the market at the open and rallied hard back up filling it’s gap and leaving a nice solid 5 minute green wide range bar. If price were to pull back here, I’d take the buy setup within this bar. If price breaks the high, I’m in over the top which is exactly what happened. I hit the ask @ .28 cents and held on as price rallied another 10 minutes. I was able to sell 1/3rd @ .50 then price faded triggering it’s first buy set up at 10:20 reversal time. I add back some shares and brought my stop up as I watch price rally another 20 minutes where I sold another 1/3rd @ .65. Price then when sideways for another 20 minutes before breaking out again where I sold another 1/3rd @ .95. I tailed out of the play 25 minutes later on a failed buy setup but price corrected itself on the next bar and took off higher with the market into lunch. I was still able to produce a nice 1 “R”isk unit trade to end a great trading week profitably…
ADBE 10112013