The QQQ gap down to minor support to open the day @ 68.69 which looked to be the low for the day as price rallied into 10 am setting the high of the day currently at 68.93. Price rolled over at reversal time, 10 am, and started a new down trend, breaking down through the 68.69 area of minor support and continued lower to finally bounce off the major support area of 68.39 by 11:30 am and setting what looks to be the low of the day. Since, price has rallied into lunch time but rolled back over as the Q's triggered a 15 minute sell @ 1:30 reversal time and has since moved back down to test major support again and set the first higher low for the day 2:15 pm, the end of lunch on Wall Street. Currently the market has ground it's way upward to the 68.71 area just above today's opening price with 15 minutes to go, I doubt that we break through the morning highs...
QQQ3122012330
My first and only play of the day came late today on a 15 minute buy in SNDK which I found this morning during my 9:45 wide range bar scan. My first entry of the day came at 11:15 am as SNDK triggered a textbook 15 minute buy @ minor support, with bottoming tail, @ the rising 20 ma, with the 40 below pictured like railroad tracks. Let's just say the play had a lot going for it. I entered and price shot up quickly never to return. I sold 1/2 of my shares at .30 and soon after, price triggered a 5 minute buy that allowed me to add back some shares and reduced my stop. SNDK hit the glory T2 target of .70 where I sold the 2nd 1/2 of my shares with a total profit of 2 risk units.... The chart below of SNDK could be in any textbook on trading, this is how it's done, this is my mastery!
