I started my day out short in the 5 minute low on AAPL after price action put in a bear 180 on the 5 minute chart. This action was short lived as the market just rocked upward breaking the 60 minute downtrend in the market. Since the market was near it's prior highs, I had very little choice looking for longs and therefore I settled on another short play in MET. I still felt that AAPL would roll over hard with the market sometime today but at present both the market and AAPL were very bullish. I had noticed that MET had gapped up and rallied for the first 5 minutes before pulling in for what one would expect for a buy setup. I was bearish on the stock since it's 60 minute chart was still in a downtrend. The 5 minute price action in MET triggered a 5 minute buy. I had already decided that if it fails, I'm jumping on short, and soon that is exactly what happened, I was in short @ 50.73. With a nice .16 cent stop, I felt that a .48 cent target would not be out of the question for MET. The only problem was that the market was continuing upward with it's bullish price action. Well MET fell nicely at first and I was up about 1 1/2 risk units, but then MET put in a nice bottoming tail right at it's prior day's close. Price rallied hard and came close to my stop, but then, price just collapsed and headed lower. At this time the market started to roll over as well which caused the price action in MET to accelerate to the downside hitting my 3 risk unit target with ease. I tailed out of the play on my last 3rd at 49.96. A great play overall which erased my earlier loss in AAPL and added 2 more risk units of profit to my fabulous start for 2015.
MET 01132014