The QQQ opened near the close from yesterday @ 71.75, an area of major support, and hit the low of the day within the first 5 minutes @ 71.55. Then at 9:35 reversal time price started its climb upward making the first higher high by 10 am and a 2nd higher high by 10:30 confirming our new 5 minute uptrend. We had another trend day but to the upside unlike yesterday's sell off. Every and all pull backs to the rising 20 ma on the 5 minute chart were bought. The market rallied into the close setting the high of the day @ 72.92 and closing nearby @ 72.75.
qqq06132013
My play of the day I found doing my 9:45 am wide range bar scan. TOL had a textbook 9:45 wide range green bar to the upside. My attempted first entry was foiled by my platform which went down just as I hit the bid. By the time my platform came up TOL had popped more than .30 cents, wow! So since I had no other longs on my list and the market was already into major support area, I felt it was best for me to wait for a pull back and enter the trade with TOL. Soon TOL came back into my original buy area, since my first target was .30 cents and my longer target was .50 cents away, I used the low of the day as my stop hoping that I might be able to move up my stop and add more shares to my trade once TOL started to trend. The lower stop worked here as TOL rolled over my entry area and went lower, normally I would have been stopped out, but I felt that the market had no where to go but up and TOL was overall bullish. Price finally corrected itself and moved on up to take out my first target area of .40 cents where I sold 1/2 of my share lot. I decided to keep my stop at the low of the day since TOL was trading wildly and may need the extra room. To me the obvious target was HOSS (200 ma on the 15 minute chart) which was near .65 cents. I took off on my usually daily walk to come back and find that TOL hit my target 🙂 I could have taken the next setup, but I had already decided that I was done for the day as TOL continued to rock its way into the clouds above...
