The Q’s gaped up this morning almost triggering the daily buy after a 3 day sell off to open @ 83.04. Price immediately set the low of the day @ 82.98 then rallied into 10:45 am setting the high of the day @ 83.37. Since price has faded slightly into lunch time on Wall Street and the QQQ is currently trading between 83.18 – 83.32…
QQQ daily 11212013
QQQ 11212013
My play of the day came in RIG which I found while doing my 9:45 wide range bar scan. RIG had a beautiful wide range red bar to the downside and usually I would look to short the stock, but in this case, price started to accelerate to the downside in a climatic fashion finally bottoming out at 10:10 reversal time. I was in over a nice narrow body bar with a small bottoming tail @ 51.97. Huge risk to reward and void to the upside so I was in full share size. My initial target was the 20 ma which I had to put up since I don’t trade with moving averages. I decide to sell 1/3rd @ 52.25, 52.50, and my last target was going to be 52.75. The first 2 targets hit and I trailed out of the play @ 52.42. Here is the chart of my text book Climatic Buy setup in RIG…
RIG 11212013