With the market gapping down today at the open I found myself looking for a nice short. It was not long when I found JPM gapping down below major support ending the uptrend on the 60 minute chart. Now JPM could be in a sideways trend, but for the moment I decided to trade it like it was a new down trend and I took the 5 minute low entry @ 60.10. Price sold off hard forcing me to cover 1/2 of my shares at 59.69 but soon I was able to add shares back to my play at 59.80. Now, price kind of just went sideways forming a bearish flag on the 5 minute chart finally breaking down @ 10:30 reversal time where I hit two more targets below at 59.63, and 59.52. I had one more add and reduce area @ 59.58 but all of the sellers had left the building and price finally hit my uncle area at 59.77 where I covered my last few remaining shares. I had hoped the JPM would really sell off like the Q's did, but in the end, it was still another profitable trade.
JPM 11042014