The QQQ gaped up this morning to open @ 72.24 and immediately set the low of the day @ 72.23. Price then rallied into 10 am setting the high for the morning @ 72.41. Here, price pulled back to give our first 5 minute buy that triggered at 10:10 am reversal time. If you read my market analysis from yesterday and took this buy, you were never stopped out as price action just soared the rest of the day finally setting the high of the day @ 77.96 by 2:15 pm as price then just faded to close @ 77.90. Here is the 5 minute chart of the QQQ...
QQQ 09092013
My play of the day was in POT which I found this morning as a Tier II bullish gap up. My entry was on the 15 minute chart as price pulled in and finally found support just as the market was starting to break out this afternoon at 1:30 pm. My entry was over a narrow range red bar which was the 4th red bar down into what price found as an area of minor support. My first target was just .10 cents away @ .42 where I sold 1/2 of my shares. I sold again at .50 cents and my final shares at .74 cents. Not a huge trade but I was able to net about 1 "R"isk unit for the day. My charts were down this morning so I was stuck trading the afternoon which can be a frustrating time to trade, so I'm happy with my 1 "R" on this Monday afternoon in September.
POT 09092013