I did not expect much from this 2nd to the last day of 2014 in the market but the QQQ opened the day gapping well below the last prior pivot low of 104.87 to open the day @ 104.73 where by breaking the 60 minute uptrend in the QQQ. When this happens you must take the first 5 minute sell setup the triggers in the market. Now nothing is 100%, but the odds are in your favor, so when the QQQ triggered the first 5 minute sell I was all over it and entered my play at 104.82. I was a little cautious, but price action soon confirmed the 5 minute sell and price sold off in a flurry lower. For 2015 I’ve decided that I’m not allowed to take profits until three risk units of profit have been made, for example, if I’m risking $100, I must be up $300 in order to take any profits. I had a $.19 cent stop on my Q’s play and so I was looking for .57 cents of profit before I would sell a 1/3rd of my shares. Just after lunch my play in the QQQ’s hit 3 risk units and I covered 1/3rd of my shares @ 104.24. I covered another 3rd about 20 minutes later as the market seemed a bit tired selling off. I soon covered most of my shares at 104.24 but I left a few on for the next 5 minute pivot for a possible Add and Reduce play. 30 minutes later I found myself adding more shares short and reducing my stop to 104.47. For a while it looked like price may roll over again and head lower but this was not going to be the case as my stop was hit at 104.47. Wow, a great 3 R play…
Subscribe
Subscribe to get updates!
-
By TraderHank
TraderHank’s Methods
Recent Comments
- LearningTrader on Day Trading Zones 360 Mastery
- LearningTrader on Day Trading Zones 360 Mastery
- TraderHank on Day Trading Zones 360 Mastery
- LearningTrader on Day Trading Zones 360 Mastery
- Zeek on About TraderHank
TraderHank’s History
Blogroll
- Alpha Wave trader Price action and Fibonacci trading
- Day Trading Zones Options trading using time decay and directionals
- Dough.com Learn to trade options Options Trading Platform made easy
- Interactive Brokers Preferred Broker
- Las Vegas Day Traders Meetup Monthly Meetup for the Las Vegas Valley area
- Oanda Recommended Forex Broker
- Pristine Trading Trading Education
- ProAct Traders Forex Trading methodology with proprietary charting software
- Revolutionary Trading Ron Wagner’s site, former Pristine vice president…
- Tasty Trade Network Learn Options Trading Free!
- Tasty Works Brokerage Lowest Options Commissions
- Tom Willard – Pristine Trained Trader Has a great course on Technical Analysis here
- Top Step Trader Prove that you can trade and get funded
- TraderHank's YouTube Channel Trading Videos
- Trading on Target Trader Psychology
- Trading Schools.org Trading School Reviews
TraderHank’s most used Tags
- 5 minute buy
- 5 minute Sell
- 15 minute buy
- 15 minute sell
- AAPL
- ALL
- AUDUSD
- Breakout
- consolidation
- COST
- EBAY
- ES
- failed pattern
- FB
- FSLR
- Gap play
- GILD
- HD
- Hourly sell
- JPM
- MET
- MS
- MSFT
- Options
- PEP
- Price Action
- PSS
- Pull Back
- QQQ
- SBUX
- short
- Short play
- Sideways
- SPY
- STI
- T
- TEVA
- TGT
- Tier II
- Tier III
- Trade Management
- UAL
- update
- uptrend
- WMT
StockTwits Updates


6 Responses to Gap down in the QQQ made for a great 5 minute short!