Pivot High

The Q's opened neutral @ 86.28 and rallied for the first 10 minutes to set the high of the day @ 86.40 and then price tumbled lower to set the morning low by 10:30 am @ 85.81 and ending the hourly up trend in the QQQ.  Price then based into lunch time looking like we might head higher but at 11:15 am the Q's continued its move lower finding a new lower low @ 85.48 by 12:55 pm.  Price again went sideways into 2:00 pm then went lower into 2:15 pm setting a new low for the day @ 85.41.  As traders thought the carnage was over as price moved sideways once more but finally price headed lower once again @ 3:00 pm reversal time selling off almost into the close setting the low for the day @ 85.06 by 3:45 pm and closing @ 85.30.  A huge sell off in the market which ended the hourly up trend.  

QQQ 12112013

My play of the day was in HD which I actually overlooked while doing my 9:45 am wide range bar scan.  I finally noticed HD as it moved to new highs on the day by 10:30 am and was one of the few stocks that had relative strength to the market; hard not to notice a powerful move upward on a sell off in the QQQ.  When price triggered the first official 15 minute buy @ 11:45 am I entered with a small lot.  I found myself soon being stopped out in the same bar that triggered my buy.  Not good!  I hesitated trading HD because it is a very tricky stock to trade, I believe the NYSE specialist are to blame for this, anyway, price did an about face or what we like to call a bull 180 taking out the high of the bar that just stopped me out.  I should have re-entered the play long but I hesitated, then as price started to consolidate in a nice tight formation over 45 minutes, I noticed that HD was not done going higher.  Price action had formed a nice 1234 pattern which is very powerful and bullish.  I was hesitant again as the market was not helping longs today, but I found myself hitting the bid as .58 cent printed, I went all in, full share size, soon selling 1/2 @ .70 and attempting to tail the play but since the market was not helping matters, I soon trailed out of the play with a nice 1 Risk unit of profit.  I had other shorts going, but they never gave me the opportunity to add, so I was left with small shares going to long targets for most of my trades today.  This is the risk you take when starting your plays out small when price gives you no where to add and the play just keeps going, I'd rather have this complaint Vs. large stops.  Here is my 15 minute chart for my play in HD...

HD 12112013

The Q’s gaped up this morning to open @ 86.27 and set the low of the day by 9:35 am reversal time @ 86.20.  As price began to rally, one would think, today may be a trend day in the market but this was wishful thinking for the day trader.  Instead we have a narrow range day which usually can slice up short term traders just like a meat slicer cutting beef.  Price in the QQQ reached the high of the morning by 10:00 am reversal time @ 86.49, then sold off until 10:30 reversal time setting the first higher low on the day @ 86.27, after which, triggering the first official 5 minute buy.  Price powered upward to set the high for the day @ 86.53 by 11:25 am and then price slowly faded into lunch with one attempt to make a new higher high by 1:40 pm but coming up short @ 86.45 as price has rolled over once again and is sideways currently trading @ 86.31 with 15 minutes left in the trading day.  

QQQ 12092013

My play of of the day came from my 9:45 wide range bar list is where I found NOV.  Soon price triggered a 15 minute PSS which I entered with a very small share size as I watch price go sideways for the next 5 – 15 minute bars.  Price finally looked lower @ 1:00 pm so I added to my position short and went full share size.  My bias was short since the 10:30 Daily bar in the Q’s was red.  Even though the market was very bullish NOV finally started to break down.  Finally NOV had that flurry lower in price where I covered my entire lot @ @ .49 by 2:30 pm as the market started to power upward.  I wish I would have played this lower because price continued lower even though the market stayed bullish.  On narrow range day’s a trader has to be quick in order to profit as a day trader and thus is the reason for my early out on my play in NOV.

NOV 12092013

After yesterday's big waves the Q's opened neutral today @ 85.58 and set the high of the day by 9:40 am @ 85.66.  Since the market has chopped around lower into 11:30 am setting the mornings low @ 85.20.  The market then rallied into Lunch setting the midday high by 12:45 pm @ 85.57 before rolling back over.  The market chopped lower into 3:00 pm setting a new low @ 85.17 and price has now bounced from this area and is currently trading @ 85.39 with 30 minutes left in the trading day.

QQQ 12052013

I found my play of the day while doing my 9:45 am wide range bar scan.  AKAM had a beautiful red wide range bar that soon triggered a 5 minute sell.  I entered the play with a partial share size and price moved lower rather nicely for 20 minutes before bouncing and almost hitting my stop.  AKAM triggered a 2nd 5 minute sell that I passed on deciding to wait on the play.  Again, price action bounced off the bottom but this time price could not rally back up into the .45 cent area and based @ the .30 cent area.  When price started to break down from this area, I went full share size.  I was finally rewarded as price headed lower as lunch time approached and my first target was hit where I sold 1/3rd of my shares.  The next 5 minute sell I added back the shares and reduced my stop since I had lower targets in the 44.50 area.  I found myself trailing out as lunch time was ending and the market looked a little bullish going into the afternoon, I sold my final shares @ 44.92.  I'll take it on a day that was a lot of chop slop in the market and I found it difficult to find trade-able patterns...  

akam 12052013

The QQQ opened this morning with a small gap up @ 85.84 and set the high of the day thus far @ 85.96 by 9:35 am reversal time.  Price then sold off into 10:10 am setting the low of the morning @ 85.50.  Price rallied into 10:30 am but could not get above the 85.75 area before rolling back over to test the lows by 11:50 am.  The Q's then rallied into lunch but has since rolled back lower @ 1:10 pm and have recently taken out the low of the day and set a new low @ 85.39 by 3:30 pm.  Price is currently trading @ 85.45 with only 15 minutes left the trading day.

QQQ 12022013

My play of the day came in AKAM which I found on my Gap list first but then after not opening with the proper gap I removed it from my list.  At 9:45 am AKAM made my 9:45 wide range bar list but I was still a little hesitant since AKAM trades thin at times and I've had problems trading this stock before.  My first entry came on the first 5 minute sell which I entered with very few shares to test the water.  I added to my short position 25 minutes later but my total share amount was still a token.  Price then rallied into lunch and went sideways.  My bias for the day in the market was still lower and I had not fully committed to my trade in AKAM yet so I just waited for price to make up its mind on direction.  AKAM could not break below the .49 cent level and I decided if price broke .47 cents I'd go full on the play.  At 10 minutes after 1 pm price broke down hard to .46 cents where I went full share size.  Price then snapped back as if it were a shakeout lower, I held on to watch price finally roll back over.  AKAM accelerated lower hitting my first target @ .17 and I sold a few more shares @ .06.  I finally trailed out of the play @ .13 cents.  

I was able to profit handsomely because I did not allow myself to get stopped out of the play and my bias in the market was correct as the QQQ headed lower as well.  I've found that the key to staying with these plays is being able to predict the markets move. Everyday at 10:30 am the Q's have usually set the high and low for the day 80% of the time and I take note of the color of the daily bar.  If the daily bar is green @ 10:30 am, I look to play my longs for the rest of the day and if the bar is red, I look for shorts. The market will usually end the day the same color as it is @ 10:30 am and knowing this helps you build into a play with confidence that you have the right direction.

akam 12022013

DIS II 11262013

The QQQ opened with a slight gap up this morning @ 84.21 and rallied into 9:35 am reversal time then sold off hard into 10:05 putting in what I like to call a mini climatic on volume that could have been bought.  The market then rallied into the official start of lunch on wall street 11:15 am to set the high of the morning @ 84.47.  The Q's have since faded off the high of the day and is currently trading @ 84.35.  

QQQ 11262013

Only one play this morning and that was in DIS which I found while doing my 9:45 am wide range bar scan.  DIS had a small gap up and go this morning and had a beautiful,  green,  wide range bar after the first 15 minute of trading.  By 10 am reversal time DIS had put in a bottoming tail with a red body bar.  As soon as the high of the Red body was taken out, I was in long over .49.  Price action was so bullish that DIS moved on up painlessly to my long target found using the daily pivots @ 70.95.  I sold 1/2 of my shares @ .93 and sold another 1/4 after a nice pop higher to 71.10.  I was attempting to hold out to a 2nd target located @ 71.33 but I thought I better sell my final 1/4 shares and wait for another setup.  A fantastic play in Disney on this slower of slow trading days.

DIS 11262013