The Q's gaped down this morning to open the day @ 78.75 and set the low in the first 5 minutes of trading @ 78.68. Price rallied into minor resistance and set the morning high @ 79.11 by 10 am. Then price pulled back to retest this same area within a penny at 10:35 reversal time. Since, we have broke the 2nd lower pivot high @ 78.89 which ended the uptrend on the 5 minute chart. Currently we are trading @ 78.93 and we look a little sideways going into lunch.
QQQ 10142013 update
My play of the morning came quick and easy which I found on my gap down list. TEVA was gaping into a major support area and had a nice .75 cent void to the upside. The first 5 minute bar closed as a neutral green narrow body bar, but if you zoom down to the 1 minute chart you will see the retest of the low and a very bullish pattern to the upside, so it was very easy for me to take the 5 minute high. What happened next was completely unexpected, as I enter the play, I usually start entering my take profit targets on my trading platform. In this case I was full lot size so I had offers out @ .65, .75 and .99. Well, price suddenly shut up like a rocket taking 2/3rds of my offers @ .61 and .91 but fell short of my .99 offers. Wow, a quick 2 "R"isk unit profit in a blink 🙂 A great way to start a week!
TEVA 10142013
PS I have to apologize about last nights homework post, I just realized that I did my analysis on ADBE and not the QQQ. Good Grief, I must have had too much to drink on Saturday night. The only good thing was the chart on ADBE was very similar to the QQQ.