Pivot High

 The Q's sold off hard again today setting a low on our 3 day hard sell off @ 76.35 before rebounding to close @ 76.96.  The downtrend ended on the 5 minute chart but not the 15 nor the 60 minute.  For tomorrow, if we gap down or trade through the 76.88 area, I'd look to short the first 5 minute sell that triggers at 10 am or 10:30 am reversal time.  Low targets will be 76.44 - 76.35 and an ultimate lower target of the 75.00 area may be hit.  If we happen to trade through or gap above the 77.36 area, I'd look to take the first 5 minute buy that occurs near this same area preferable @ a reversal time with a long target of 77.60 area.  If we happen to open neutral and go sideways which is very possible after such a large sell off, then I'd wait for a breakout above 77.32 or a breakdown below 76.88 to decide on the direction but wait for the pull back to make your entry.  

Daily QQQ 10092013 homework

QQQ hourly chart 10092013 homework

QQQ 15 minute chart homework

Longs:   Shorts:

HPQ - Elephant bar continuation QCOM - Bear 180 continuation

SNDK - Daily buy watch  XOM - Breakdown continuation

WAG - Daily buy watch 

Today’s hard sell off in the market ended the Daily uptrend in the QQQ.  Now for you long term investors, this does not mean were in a down tend, we could go sideways. One thing is for sure, we are going to test the 75.20 area sooner then later. Currently the 5 and 15 minute charts are sideways bouncing between 77.70 and 77.20. For Wednesday, after a wide range bar, expect a narrow range day.  Be quick to take your profits, expect a chippy, choppy day.  If we happen to open or trade below the 77.20 area, I’d look to take the first 5 minute sell slightly below this area with a low target of 76.00 and a 2nd lower target @ 74.90.  If we happen to gap up or trade above the 77.70 area, you could take the first 2 or 5 minute buy that triggers at 10 am or 10:30 am reversal time.  Your long targets are 78.00 and 78.30, then I’d be looking to get short maybe a fade over lunch time…

QQQ Daily chart 10082013

60 min chart QQQ 10082013

QQQ 15 min 10082013

5 min chart QQQ 10082013

Longs: Shorts:

WMT – WRB continuation AIG – Breakdown continuation

AXP – Gap continuation

EBAY – Elephant Bar continuation

GILD – Breakdown continuation 

HD – Breakdown continuation

JOY – Breakdown continuation

PCAR – Breakdown continuation

T – Gap continuation

VZ – Gap continuation

WFC – Breakdown continuation   

After a huge gap down in the QQQ this morning and a hard rally back up near the top of the last pivot high, the Q's plummeted in late day trading to finish the day at almost where price started @ 78.74.  We are currently in a downtrend on the 5 and 15 minute charts but sideways on the hourly time frame.  For Tuesday if we break below the 78.65 area, I'd look to short the first 5 minute sell that triggers in this same area @ 10 am or 10:30 am reversal time, with a target of the 78.30 area and lower targets of 78.00 and 77.70 areas.  If we happen to open neutral and rally, I'd be looking for a 5 minute sell setup in the 79.00 area that triggers to get short with the same lower targets as mentioned above.  If we happen trade through or gap above the 79.20 area, I'd like to see a base through lunch before attempting a long on a breakout.  At this point I believe that all rallies are short able and most important the void is to the downside on the Daily chart of the QQQ.

Daily QQQ 10072013 homework

Hourly QQQ 10072013 homework

QQQ 15 minute 10082013 homework

Longs:   Shorts:

POT - 1234 watch AXP - Gap continuation

PCAR - Breakdown continuation

After the huge sell off into 12 noon on Friday in the QQQ, prices did recover and currently we find the Q’s in a 15 minute uptrend just shy of the pivot high @ 79.76, the Q’s closed @ 79.41.  For Monday, if we open neutral and trade or gap above the 79.50 area this would confirm our up trend continuation and I’d look to take the first 2 or 5 minute buy setup that triggers near the 79.50 area with my first target at the pivot high @ 79.76 and my 2nd target would be the 80.00 dollar area.  If we happen to open neutral and go sideways, I’d look to play the first buy or sell setup after the breakout above the 79.50 area or a breakdown below the 79.30 area.  If we happen to open and trade below or gap below the 79.30 area, I’d be looking to take the first short that triggers on the 5 or 15 minute chart preferably at or near a reversal time.  My lower targets are the 79.00 area and 78.65, then 78.30.  My bias is lower since the 60 minute chart looks a bit over extended and this is the area we should see an hourly sell trigger in the QQQ.  Keep trading!

QQQ Daily 10062013

QQQ Hourly 10062013

QQQ 15 min 10062013

Longs: Shorts:

AIG – Pivot 1 continuation TOL – Breakdown continuation

AKAM – Bull 180

ALL – Elephant Bar continuation

CREE – 123 continuation

CTSH – Breakout continuation

MSFT – Breakout watch

After a huge sell off in the QQQ this morning, the Q's retraced to about the 40% Fib level before triggering an hourly sell with a 2 bar pull back.  The 15 minute sell triggered just before but price could not take out the lower pivot in the 78.30 area.  Looking at the hourly and 15 minute charts, it looks like price may want to continue lower from here, the daily has room to the 78.00 level.  For tomorrow if the Q's open neutral and trade down or gaps down below the 78.35 level, I'd look to take the first 5 minute sell setup that occurs near 10 am or 10:30 am reversal time near this same area of 78.35 with a low price target of 78.00 and a second lower target of 77.65 area.  If price rallies at the open or gaps above the 79.00 level, I'd look to take the first buy setup that triggers on the 5 minute chart preferably at a reversal time and my long target would be back up to the high of 79.70 and a longer target @ 80.00.  If price opens neutral and goes sideways, I'd look to take take the breakout near a reversal time in either direction.

QQQ Daily 10032013

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QQQ Hourly 10032013 homework

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QQQ 15 minute Homework 10032013

Longs:  Shorts:

ALL - Pivot I LLY - Gap continuation

MOS - 123 watch

POT - 123 watch