The Q’s opened up neutral and immediately set the low of the day @ 64.66 then blasted off setting the morning high by 9:45 am @65.12 which broke the last pivot high set on Friday and also breaks the 5 minute downtrend. Then the market pulled in and set a higher low @ 64.69 near reversal time at 10:20. Now the market has rallied back up into the high of the day at 65.12, rolled back over and triggered the first 5 minute buy in the new uptrend. Price confirmed the new uptrend by taking out the high of the day and has set a new high at 65.35 which is the current area that the Q’s are basing at. My first trade was in TEVA which I found on my Daily climatic watch list. TEVA sold off hard at the open which got my attention. At the end of the first 5 minutes, TEVA had a nice wide range red bar on the 5 minute chart. Price action proceeded to engulf the first red WRB and took out the high which was my first entry long. Price action shot up to the .42 cent area so fast, that I could not sell fast enough, I managed to unload 1/2 of my shares and sold the rest after further weakness. When the market gives you such a gift bar, you should always take some profits. A few minutes later TEVA triggered a 2 minute buy opportunity and I took the play back up into the highs of the day again with another pop. I was ready this time and sold the entire position. I think this entire trade was about 10 minutes with a total profit of 2 1/3rd “R” units, not a bad way to start off your Monday morning 🙂
