Pivot High

I found INTU this morning while scanning for gaping stocks 15 minutes prior to the open.  In pre-market, the gap had not taken out the entire green bar from yesterday, but it still was a nice gap down surprise and by the time the market had opened INTU scored as a beautiful Tier II gap down.  You had to make up your mind to enter quickly or you would have missed the move.  I drilled down to the 1 minute chart where I found a green spinning bar or what I like to describe as a spinner with a topping and bottoming tail.  The next bar had a small topping tail and was red.  This pattern more than not usually is a GBI (green bar ignored) and can lead to a measured move lower and that is exactly what I got as I entered the trade at 72.55.  Price moved downward in a flurry as I took profits using my sell 1/2 button @ .07 and again @ 69.57, 69.26, and finally covering my last remaining shares @ .43 & .45, wow a huge run a full dollar and .29 cent move lower.  I’ve had few plays like this lately or have missed the entries, it feels good to finally nail it!  I played it cool the rest of the day, if dad was around I’d would have headed to the golf course…

intu 02122014

Mayhem

I found ALL after the market opened while doing my 9:45 wide range bar scan.  ALL did not qualify to go on my 9:45 list but it did qualify for my Tier III gap list and I soon found my entry at 9:50 am reversal time on the 5 minute chart.  I entered with just 1 lot of 100 shares looking to add on the 2nd setup.  ALL took off for one 5 minute bar before rolling over and going sideways until 12:00 noon when price just rocketed upward to my long target of .45 cents where I had an offer to sell my one lot.  Sometimes they just go without giving you a chance to add on the play, so I decided to sit back and wait for the next 15 minute buy that triggers.  At 1:45 pm near the end of lunch time ALL triggered a 15 minute buy where I entered with a full share size.  It did not take long as ALL rocketed upward taking out my first target at the prior high @ .82 and my 2nd target @ .98.  I held on for a 3rd target of 52.25 but had to settle for .12 cents for my last 3rd.  A nice trade on this tough trading day where I ended down 1 risk unit for the day.  I’m about a break even on the week, I’m going to pull out all of my stops tomorrow and see if we can’t end the week with some $$$$$$$$$$$$$$$.

ALL 02062014

  I found VZ on my Gap down list this morning, when scored it really did not make a Tier III, but with Friday’s big green bar on the daily, VZ was a very nice looking Gap Down Surprise.  I’ve forced myself to remember to put these types of plays on my list as they can be the genesis to a really terrific play.  VZ got my attention early as the first green bar was taken out by a red bar, this bearish 180 reversal is an excellent morning entry as price is already demonstrating confirmed weakness that a trader can take advantage of.  I entered with a full share size as the low of the first 5 minute green bar was taken out @ .22.  My first target was hit finally @ .02 but I had to be patient as price action was rather slow going lower.  I covered another 1/3rd @ .94 and my last 1/3rd as price excellerated lower into 10 am reversal time.  Now the mistake here was not waiting for a green bar to close on the 5 minute chart.  I gave up another .30 cents lower because of this, I should have waited for a 5 minute green bar to form and then wait for the high to be broken.  Great play but it could have been awesome!  

VZ 02032014