Pivot High

The Q’s ending the trading day in a tight trading range between  82.54 and 82.07 to close @ 82.31.  Price action broke the 5 minute uptrend finally near the end of the day but repaired itself over the last hour of trading.  For Tuesday, if we open neutral and trade higher or gap up, I’d look to take the first 5 minute buy that triggers near 10:30 am reversal time with a first target in the 82.53 area and longer targets @ 82.75 and 83.00. If we open and immediately move lower or gap below 82.05 I’d look to take the first sell that triggers near 10 am or 10:30 am reversal time with a low target of the 81.35 area. If we happen to stay above the 82.05 area (Major Support area), I’d look to take the 2nd higher low on the 2 minute chart long with the same long targets as above. 

QQQ Daily 10212013 homework

QQQ hourly 10212013 homework

QQQ 15 min 10212013 homework

Longs:  FWLT – 1234 watch Shorts:  ANF – Pivot I continuation 

The Q's closed @ 80.39 after a nice gap up this morning continuing the 15 minute uptrend and officially confirming the 60 minute uptrend.  The Daily chart closed looking extremely bullish after today's engulfing green candle form a pattern known as a RBI (Red Bar Ignored).  This usually sets up, what is known by traders as, a measured move higher.  Take the previous low of 76.35 minus the top of yesterday's red candle of 80.11 which equals $3.76.  The measured move expected would be another $3.76 above today's low, so if we do the math it looks like 79.79 + 3.76 = 83.55 as the long target in the QQQ.  

For Thursday, I'm bullish after today's close so if we gap up, I'd be looking to take the first 5 minute buy that triggers above the 79.35 area.  If we happen to gap down below the 79.30 area, I'd take the first short that triggers in this same area with a target of the 78.25 area and a 2nd target of the 78.00 area.  If we happen to open neutral and go sideways, I'd look to take the breakout or breakdown that occurs at or near 10 am reversal time.  If we open neutral and rally, then take the first 5 or 15 minute buy that triggers near 10 am or 10:30 am reversal time.  If we happen to fade the open, I'd wait for Wednesday's high to be taken out before looking for a buy setup or I'd look to get short on a 5 minute buy failure.  Long targets, who knows?  Look at the whole numbers as possible places for resistance such as 80.50, 80.75 and the 81.00 dollar areas.  

Daily QQQ 10152013

           
60 minute QQQ 10152013

QQQ 15 minute chart 10152013

Longs: Shorts:

AIG - RBI NTAP - Gap continuation

ALL - RBI

C - Gap continuation

HOG - Breakout continuation

JNPR - Gap continuation

WAG - RBI

X - 123 Watch

After breaking out to new highs, the Q's ended the day with a topping tail bar on the 60 minute chart and ending the uptrend on the 5 minute chart.  Until the US Government is reopened expect wild movements in the market due to news, rumor, etc.  Be quick to take your profits and be nimble on looking for long trends, basically expect everything. For Wednesday if we open neutral and base sideways, I look to play the break out or break down after the pull back at or near 10 am or 10:30 am reversal time.  If we happen to gap up above the 80.25 area, I'd look to take the first 5 minute buy in the market.  We have clear space up above and price could run up, my first target would be the high of the day from a pull back, then bar by bar on the 5 minute chart.  If we happen to gap down above the 78.75 level, I'd look for the first 5 or 15 minute buy at 10 am reversal time with targets back up to the 80.20 area.  If we happen to gap below the 78.65 area and immediately sell off, I'd look to short the first 2 or 5 minute sell that triggers in this area with a low target of 77.75 and 76.50.

QQQ Daily 10152013

  
15 minute QQQ 10152013

60 min QQQ 10152013

Longs: Shorts:

X - WRB continuation  NTAP - Gap continuation

RIG - Daily sell watch

T - Daily sell triggered

XOM - Daily sell watch 

The Q's closed near the highs of the day @ 79.77 in a 5 and 15 minute uptrend.  We are at the very tip top on the hourly chart and we would have to go out to the quarterly chart before we could see any reference points to the left.  Currently we are 5 bars up on the hourly chart and I'd be looking for a pull back sometime  tomorrow. Honestly, I'd have to wait for an hourly pull back before going long at this point so if we gap up or down and stay above the 79.45 area, I'd be looking for the first buy that fails, near 10 am or 10:30 am reversal time, on the 5 minute chart to get short, your targets will be the 79.25 - 78.75 area.  If we happen to gap below the 79.45 area, I'd look to take the first sell setup that triggers at 10 am reversal time with the same lower targets.  If for some strange reason we gap below the 78.75 area I'd look to short the 5 minute low or wait for a 2 or 5 minute sell to trigger, your targets will be 77.75 and the gap fill of 77.25 then 76.30.  

Quarterly chart of the QQQ

  
Daily homework QQQ 10142013

Hourly homework QQQ 10142013

Longs: Shorts:  None

CTSH - 123 watch

GILD - RBI

The Q's finished the day in a 5 minute uptrend into resistance but still managed to close way up from the open @ 78.61.  If the market opens neutral and rallies  above the 78.75 area or gaps above this area, I'd look to take the first 5 minute buy in this same area with a target of 79.25 and a second lower target @ 79.50.  If we happen to trade or gap below the 78.25 area and sell off, this would break the uptrend on the 5 minute chart and I 'd look to short the first 5 minute sell that triggers near 10 am or 10:30 am reversal time.  We still have some void to the upside and since the 2:00 pm-3:00 pm hourly bar took out the low of the prior hour, I'm expecting more price action to the upside.  These are some terrific times in the market for day Traders, make the most of it, follow your charts, have fun, and makes lots of money!     

QQQ Daily 10102013 homework

QQQ hourly 10102013 homework

QQQ 15 minute 10102013 homework

QQQ 5 minute 2013 homework