After yesterday's big waves the Q's opened neutral today @ 85.58 and set the high of the day by 9:40 am @ 85.66. Since the market has chopped around lower into 11:30 am setting the mornings low @ 85.20. The market then rallied into Lunch setting the midday high by 12:45 pm @ 85.57 before rolling back over. The market chopped lower into 3:00 pm setting a new low @ 85.17 and price has now bounced from this area and is currently trading @ 85.39 with 30 minutes left in the trading day.
QQQ 12052013
I found my play of the day while doing my 9:45 am wide range bar scan. AKAM had a beautiful red wide range bar that soon triggered a 5 minute sell. I entered the play with a partial share size and price moved lower rather nicely for 20 minutes before bouncing and almost hitting my stop. AKAM triggered a 2nd 5 minute sell that I passed on deciding to wait on the play. Again, price action bounced off the bottom but this time price could not rally back up into the .45 cent area and based @ the .30 cent area. When price started to break down from this area, I went full share size. I was finally rewarded as price headed lower as lunch time approached and my first target was hit where I sold 1/3rd of my shares. The next 5 minute sell I added back the shares and reduced my stop since I had lower targets in the 44.50 area. I found myself trailing out as lunch time was ending and the market looked a little bullish going into the afternoon, I sold my final shares @ 44.92. I'll take it on a day that was a lot of chop slop in the market and I found it difficult to find trade-able patterns...
