The Q’s opened the day with a nice bullish gap up to open @ 76.85 and immediately set the high for the morning @ 76.91, then price proceeded to sell off. The QQQ sold off hard into 10:35 am setting the low for the day @ 76.30 in an area we call Major Support. From here price never looked back going all the way back up to break out to a new high of 76.98 during lunch. Since, price has faded slightly and is currently trading @ 76.87 with 15 minutes left until the close.
5 minute chart of the QQQ 08082013
My play of the day was in VZ which I found during my morning 9:45 am scan for wide range bars. My first entry came at 9:55 am reversal time below a small narrow range topping tail red bar with COG (change of guard). Price moved down nicely and as price was nearing my first target VZ sold off violently making a wide range red bar to the downside near support. I covered 1/2 of my profits and then waited for a 5 minute bar by bar break of a high to trail out of the the play. My play in VZ lasted another 5 minutes as price broke through the highs of a closed green bar to the upside. A nice little 1 “R”isk unit trade. Later VZ gave me a 15 minute trigger short which I took but this time price action was a bit unfriendly almost stopping out my play. Price finally rolled over as the market started to fade. Price moved lower just under my entry price and started to base for 30 minutes before finally breaking down. I moved my stop to .01 cent above the base @ .66 cents. Price action did a head fake snapping upward taking out my stop and headed lower. I stopped out with a small profit and watch as price slide lower to my target 🙁 .
