The Q’s gaped down this morning temporarily ending the 5 minute uptrend but immediately set the low of the day @ 79.95. Price rallied and confirmed the 5 minute uptrend by 10:55 am and continued over lunch to set the high of the day at 12:55 pm @ 80.78. Price then faded over the rest of lunch until 2:15 reversal time as price began it’s grind upward towards the high. Now @ 3:25 reversal time, price has just retested the high of the day but could not break above the 80.78 level.
QQQ 5 minute chart 10172013
My play of the day came in XLNX which I found on my gap down list this morning as a beautiful Tier II gap with a huge void down below. I liked the void so much, that I found myself entering a 1/3rd lot size on the low of the 1st 1 minute bar. A very aggressive entry, but not really with the void. Five minutes later, I was able to add my 2nd 1/3rd lot before price just ripped lower. I sold some shares @ .70 then price started moving lower rapidly so I covered @ .61, .54 .29 and finally covered my last shares @ .36. A nice 1 1/5 “R”s with only 2/3rds lot size in 13 minutes, faster than a fast food line at Jack in the Box…
