The Q’s gaped up this morning to open @ 86.27 and set the low of the day by 9:35 am reversal time @ 86.20. As price began to rally, one would think, today may be a trend day in the market but this was wishful thinking for the day trader. Instead we have a narrow range day which usually can slice up short term traders just like a meat slicer cutting beef. Price in the QQQ reached the high of the morning by 10:00 am reversal time @ 86.49, then sold off until 10:30 reversal time setting the first higher low on the day @ 86.27, after which, triggering the first official 5 minute buy. Price powered upward to set the high for the day @ 86.53 by 11:25 am and then price slowly faded into lunch with one attempt to make a new higher high by 1:40 pm but coming up short @ 86.45 as price has rolled over once again and is sideways currently trading @ 86.31 with 15 minutes left in the trading day.
QQQ 12092013
My play of of the day came from my 9:45 wide range bar list is where I found NOV. Soon price triggered a 15 minute PSS which I entered with a very small share size as I watch price go sideways for the next 5 – 15 minute bars. Price finally looked lower @ 1:00 pm so I added to my position short and went full share size. My bias was short since the 10:30 Daily bar in the Q’s was red. Even though the market was very bullish NOV finally started to break down. Finally NOV had that flurry lower in price where I covered my entire lot @ @ .49 by 2:30 pm as the market started to power upward. I wish I would have played this lower because price continued lower even though the market stayed bullish. On narrow range day’s a trader has to be quick in order to profit as a day trader and thus is the reason for my early out on my play in NOV.
NOV 12092013