Pivot High

The QQQ ended the day by ending the uptrend on the 5 minute chart to close @ 79.65 but this does not mean were in a downtrend, we could go sideways Thursday morning. If we open neutral and trade or gap above the 79.76 area this would continue the uptrend on the 5 minute chart and I would look to take the first 5 or 15 minute buy that triggers at 10 am or 10:30 am reversal time with a target of 80.00.  If we open and trade through or gap below the 79.45 area, then I’d look to take the first sell setup that occurs on the 5 or 15 minute chart at 10 am or 10:30 am reversal time with a low target @ 79.10 area and a real lower target @ the 78.70 area.  With both scenarios a 123 pattern or base breakout or breakdown could also be used as an entry.

Daily chart of the QQQ 02032013 homework

60 minute chart QQQ 10032013

15 minute chart QQQ 10032013 homework

Longs: Shorts:  

ALL – Daily buy triggered AXP – Gap continuation

CREE – 123 watch

The QQQ opened neutral this morning @ 78.66 and took off higher triggering a 5 minute buy at 10 am reversal time and never looked back.  Price powered upward setting the high of the day by 12:30 pm @ 79.72 then faded the afternoon until 3:30 pm reversal time when price took off again to the upside and closing near the high of the day @ 79.68.

I’m expecting the Q’s to gap up for Wednesday morning and if so, I’d look to take the first 5 or 15 minute buy that triggers near the 79.60 area, the first obvious target would be the 80.00 dollar level.  If price happens to open neutral and fall from this area, I’d look to short the 2nd higher low on the 5 minute chart with the expectations of price moving through the 79.32 area with the first target @ the 79.20 area.  If we happen to gap below the 79.32 area I’d be looking to take the first short that triggers on the 5 minute chart @ 10 am or 10:30 am reversal time.

qqq 10012013

Longs:   Shorts:  None

ALL – Daily buy watch

AXP – Daily buy triggered

CREE – Picture of Power

HOG – Breakout continuation

LOW – Daily buy triggered

XLNX – Daily buy triggered

The QQQ ended Friday’s trading day @ 79.06 and currently in a presumed 5 minute uptrend.  Price has been basically sideways on the hourly chart with the QQQ trading between the 79.40 and 78.40 areas.  If the QQQ opens neutral or with a gap up on Monday, I’d look to take the first buy setup that triggers on the 5 minute chart in the 79.20 area with a long target of the 79.60 area.  If we happen to trade or gap below the 78.90 area and head lower, I’d look to take the first sell setup that triggers at 10 am or 10:30 am reversal time on the 5 minute chart.  My bias is long and I would not be surprised to see the QQQ run up to challenge the 79.60 sometime during the trading day on Monday.

QQQ homework 09292013

Longs:   Shorts:

DIS – 123 watch BAC – Breakdown continuation

GILD – Daily buy continuation BRCM – GBI continuation

UAL – Gap continuation    

After today’s gap up and the QQQ triggering a daily buy, I’d have to believe that the Q’s will continue higher.  Even though my bias is long, for the last two days, short traders have been making a bundle on pull backs. For Friday, if we open neutral or gap up slightly, I’d look for the first 5 minute buy that triggers to enter long with a target between the 79.32 and 70.35 areas.  If we happen to gap up to the 79.35 area, I’d wait for the uptrend to end on the 2 minute chart at 10 am or 10:30 am reversal time before I’d look to enter short on a 5 minute sell that triggers in the market.  If we happen to open neutral and begin to trade below the prior pivot on the 5 minute chart or gap below the 78.93 area, I’d look for the first higher low on the 2 minute chart to get long with the same long targets as above, a 5 or 15 minute buy at 10 am or 10:30 reversal time would be preferred.  I’d look short only if we happen to trade below the 78.84 area or gap below this area, then I’d take the first short on the 5 or 15 minute time frame that triggers with a low target of 77.65.  Click on chart to enlarge…  

QQQ homework 09262013

Longs: Shorts:

ADBE – Daily buy triggered CSCO – Daily buy failure

AXP – Daily buy triggered JNPR – Level I pivot 

APOL – Daily buy watch LLY – Gap continuation

DIS – Daily buy triggered

EBAY – Picture of power

GILD – Daily buy triggered

PEP – Daily buy watch 

Some great waves in the market today but tricky at times when the market seems not to know where it wants to go.  Price ended the day in a sideways trend from the 78.70 to 78.55 area.  On the daily the Q's is forming a GBI (green bar ignored) which gives me a short bias for tomorrow's trading.  If we open neutral, I'd wait for the breakout or breakdown of the consolidation and I'd play the first pull back long or short on the 5 or 15 minute chart preferably at 10 am or 10:30 am reversal time.  On a gap lower below the 78.39 area and price sells off, then, I'd look to take the first 5 or 15 minute sell that triggers near this same area on a retracement. a lower target will be the 77.65 area  If the gap does not clear the 78.39 area and price starts to rally, I'd look to take the first buy that triggers on the 5 minute chart with a long target of 78.80 area and a 2nd longer target @ 78.93 area.  If we happen to gap up above the 78.80 area and rally, I'd look for the first 5 or 15 minute buy that triggers at 10 or 10:30 am reversal time with a long target @ 79.00.   The chart is getting a bit tight until we break out of this area, I'd be quick to take profits, a 1 "R"isk unit gain has been a gift lately for many traders.  Click on chart to enlarge...

QQQ Homework 09252013

Longs: Shorts:  None

AIG - Daily buy continuation

AKAM - Daily buy watch

JCP - Climatic buy watch

KLAC - Daily buy triggered

SLB - Daily buy continuation

Wild ride in the QQQ today with a hard sell off in the morning followed by a huge rally then another late day sell off into the close.  Trader heaven for day traders and I expect more Volatility Wednesday.  This mornings rally looks like a 40% Fib retracement on the 60 minute chart.  If the downtrend is going to continue on the 60 minute time frame, the low @ the 78.50 area should be taken out tomorrow, so my bias is short.  Currently we are still in a 5 minute downtrend   If we gap up or rally up and stay below the the 79.11 area, I'd look to take the first 5 or 15 minute sell that triggers with a target of the 78.50 area and a 2nd lower target of 77.75.  If we happen to gap down, I'd look to take the first 15 minute sell that triggers at 10:30 am reversal time near the 79.00 area.  I'd look long if we happen to gap above the 79.11 area and rally, then I'd look to take the first 5 minute buy that triggers near 10 or 10:30 am reversal time.    

QQQ 09242013 Homework 1

Longs: Shorts:

AIG - Daily buy triggered C - Gap continuation

CREE - Daily buy watch ESRX - 123 continuation

CTSH - Daily buy triggered LLY - Daily buy continuation

GILD - Daily buy watch MET - 1234 watch

LOW - Daily buy triggered

SLB - Daily buy triggered

XLNX - Daily buy watch