The QQQ gaped over yesterday’s high continuing the uptrend and rallied for the first 5 minutes then, price pulled in for the first 5 minute buy at 9:45 and set the low of the day @ 67.06. The Q’s put in two more buy setups setting the day’s high of 67.48 by 2:15 pm. The Q’s sold off into the close and made a lower low ending the 5 minute uptrend that we have been in all day. Currently the QQQ is at major support and closed at 67.21. My first play was in EBAY which had a nice bullish gap at the open clearing 11 days of resistance overhead. My entry was on a 1 minute pivot, price shot up immediately and I was up an R in a matter of seconds, then I realized that I had purchase too many shares and by the time I attempt to offer some of the shares for sell, price completely collapsed on me. I went from + 1R to -2R in just a matter of seconds. A complete disaster, I hung in their for a while and price did correct itself but it looked like it was never going back to my entry price. Once price caught itself under the 20 ma and formed a small doji style bar on the 1 minute chart, I thought it would be a good time to exit, so I did with just a 1 R loss. It’s been a long time since this has happened to me, experience has taught me that when disaster strikes, be a bit patient before exiting your trade, price just might recover and allow for a safe exit. Here is the chart on my disaster play in EBAY this morning…
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