It’s been a great week of trading for myself mainly because I’ve learned how to seat on my hands and not do anything until the time comes. Early in my career patience was non-existent which spells disaster for the month of December. I was a little rusty coming off the Thanksgiving holiday week, but I finally found my wheels this week which started off with this great trade in the QQQ on Monday. The Q’s opened the day by gapping down, then proceeded to fill the gap. Price action then formed a double top or what we PTT’s call an “M Top”. I just waited for the retest and failure pattern and I was in shortly after at 105.34. It took 45 minutes but when price started to fall, it fell in a flurry. I hit two nice lower targets covering shares, then I had one add and reduce area, where I added more shares short and reduced my stop. I found two more lower targets before finally trailing out of the play as price broke a lower pivot area on the 5 minute chart.
