QQQ afternoon update and TraderHank’s play in WAG

Posted on September 17, 2013 by TraderHank
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The Q’s gapped up this morning to open @ 78.02, not a huge gap but bullish.  Price immediately set the low for the day @ 77.98 and price started it’s grind upward confirming our new 5 minute up trend and taking out the last pivot high on the 15 minute chart ending the down trend on that time frame.  We have what traders would call a trend day in the Market where all pull backs have been bought.  The Q’s set the high of the day by 2:30 pm @ 78.47 and currently triggering another 5 minute buy.  Price is currently trading @ 78.41…

QQQ 5 minute chart 09172013
QQQ 5 minute chart 09172013

My play of the day started near 11:00 am reversal time on a 5 minute buy that triggered @ Major Support.  I’m not usually fond of playing major support plays, but the daily chart has been a “picture of power” and I felt the odds were in my favor.  The 15 minute chart was also triggering a buy as well.  Price was in no hurry to reward my efforts as WAG just thrashed around until 12:15 pm when price just popped to the upside.  Price then pulled back for 10 minutes and then just continued to grind it’s way up to my first target @ .78  and then to my 2nd target @ 54.99 but my offers did not hit and I had to settle for .84 cents.  I finally trailed out of the play near 2:20 pm as price started to pull in after retesting the 54.00 area without breaking through.  A nice little 1 “R”isk unit on this trend day in the market…

WAG 09172013
WAG 09172013

     

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QQQ update and market play for Tuesday, September 17th, 2013 and TraderHank’s stock picks

Posted on September 16, 2013 by TraderHank
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The QQQ hit the low of the day near 77.67, an area of Major support, at 3:30 pm reversal time and powered upward to close @ 77.85 with our 5 minute downtrend still intact.  If we open neutral I’d look for the downtrend to end on the 5 minute chart with a clear W pattern formation at or near 10 am or 10:30 am reversal time.  You could cheat the entry on a higher high after the retest on the 2 minute chart or wait for price to trade through the crown area of the W formation.  If we happen to gap above the $78 level, this would end the downtrend on the 5 minute chart.  I would look to take the first 5 minute buy that triggers near 10 am reversal time.  My first target long would be back up to the 78.30 level with a longer target of 78.70 area.  On the short side, I would have to see price trade through or gap below the 66.60 area.  If this happens, I would look to take the first 5 minute short that triggers preferable near a reversal time with a low target of 77.25 and a lower 2nd target @ 76.90.  Hopefully we will have another great morning of trading before price goes sideways as is usual before the pending FOMC Announcement on Wednesday @ 2:00 pm EST.  Click on chart to enlarge…

qqq 09162013 homework
qqq 09162013 homework

Longs: Shorts:

CTSH – Break out continuation VLO – Daily RBI

MS – Break out continuation

ORCL – Gap continuation

PCAR – Gap continuation

WAG – 123 continuation

        

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QQQ morning update and TraderHank’s short play in the Q’s

Posted on September 16, 2013 by TraderHank
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Ah, we got a huge gap up in the market this morning as the QQQ opened @ 78.72 the high of the day so far.  Price immediately sold off on heavy volume and finally found support and currently the low of the day @ 78.10 by 10:40 reversal time.  Price started to bounce off the lows at 11:05 and is currently trading sideways @ 78.24.  My play of the morning happened to be in the Q's.  The first 5 minute red bar was a nice sold red bar on volume.  My play had a nice .14 cent stop with a nice void below, so I shorted the low of the first 5 minute bar.  My target was an area of minor support on the 60 minute chart at the .32 cent area.  I found it hard to wait for the 5 minute bars to close before taking profits and got faked out on a GBI bar (green bar ignored) and I covered 1/2 of my shares @ .47.  As the GBI was engulfed by a new red bar I added back some shares and reduced my stop to above the GBI bar.  I covered another 1/2 of my shares @ .35 cents and finally trailed out of the play on a flurry lower.  This was a counter trend play and makes management much more difficult.  Here is the chart for my play in the QQQ...

QQQ 09162013
QQQ 09162013

   

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QQQ update for Monday, September 16th, 2016 and TraderHank’s stock picks

Posted on September 15, 2013 by TraderHank
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The QQQ’s ended Friday’s day of trading @ 78.05 and in a 5 minute uptrend that followed a hard sell off into 10:30 reversal time.  The prior run up in price could not produce a substantial higher high and thus this run up in price to the 78.09 area will act as Major Resistance and is placing the current 5 minute uptrend in jeopardy.  If you look left on the 5 minute chart below, you will notice that there is a sea of overlapping & topping tail bars to the left above the 78.09 price.  If price opens neutral on Monday morning I’d be looking for the 5 minute uptrend to end to get short.  A failed buy setup or a break of a prior pivot area then a pull back would be acceptable entries short preferably near a reversal time 10 am or 10:30 am.  Lower targets would be the 77.88, 78.81 areas with a lower target at the 77.64 area.  If we happen to gap below the 77.88 area this would make things easy, I’d short the first sell setup that occurs in this same area. For a long play, we would have to gap above the 78.21 area before I’d look to play a buy setup near a reversal time.  We could also open neutral and just grind our way back up to the 78.21 area through a sideways consolidation with the hopes of playing a break out in the afternoon.  For me, I like the gap down idea, but as always wait for price to tell you which way to trade…  Click on chart to enlarge…

QQQ 5 minute chart 09152013
QQQ 5 minute chart 09152013

Shorts:  None

Longs: BRCM – Daily buy watch  INTC – Gap continuation

JCP – Daily buy watch LLY – Break out watch

MSFT – Money Bar pivot NOV – Daily buy watch

PCAR – Break out watch WAG – Daily 123 watch

Posted in Daily Analysis, TraderHank's Stock Picks | Comments Off on QQQ update for Monday, September 16th, 2016 and TraderHank’s stock picks

QQQ afternoon update and TraderHank’s play of the day in WAG

Posted on September 13, 2013 by TraderHank
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The QQQ opened neutral @ 78.09 and chopped around for the first 30 minutes setting the high of the day @ 78.14.  At 10 am reversal time, price headed lower into 10:30 am setting the low of the day @ 77.64.  Price then rallied hard into 12:20 pm  lunch time and price soon did a 15 minute shakeout to the downside making traders think that we were going lower.  Price recovered @ 12:45 and drifted higher into 2:00 pm but never breaking out above the high of the day.  The Q's went sideways for the rest of the afternoon to close @ 78.02...

QQQ 09132013
QQQ 09132013

My play of the day came in WAG which I found on my Daily watch list as a "picture of power" as price action had formed a beautiful wide range green bar yesterday.  I felt that there would be some upside if I could enter near the low of the day.  I got my wish as price fell hard into 10:30 am reversal time setting up a beautiful 5 minute buy @ Major Support.  I got in over the last red bar with a nice 15 cent stop and price just flurried upward and soon hit my first target @ $53.  Price then formed a nice bullish base and broke out to the upside hitting my 2nd target @ .26.  I was hoping to make it to the high of the day at .47 but I was trailed out of the play @ .20 cents.  Just a beautiful way to end the week with a 3 + "R"isk unit move, netting a full 2 "R's" of profit...

WAG 09132013
WAG 09132013

  

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Market play in the QQQ for Friday the 13th, 2013 and TraderHank’s scary stock picks…

Posted on September 13, 2013 by TraderHank
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Happy Friday the 13th traders, with the Q's 5 minute chart in a chop slop mess, I'm forced to go to the 15 minute chart to gain some clarity.  Tomorrow we can't go long unless the market trades throw or gaps above the 78.35 area, then I would take the first 5 or 15 minute buy that triggers at 10 am or 10:30 am reversal time.  I'm not sure where the long target would be, so stay long until the 2 minute uptrend ends on the 2 minute chart.  Otherwise, I would look to short on a break down or gap down below the 77.85 area, wait for a pull back into this area to get short. Lower targets would be the 77.60 area and a lower low target of 77.25 area.  If we happen to open neutral, which is my bias at the moment, I'd short the top near the 78.25 area and buy the bottom near the 77.85 area.  Tough tight trading if we open neutral on this Friday the 13th, stay safe!

Click on chart to enlarge...

QQQ 15 minute 09122013
QQQ 15 minute 09122013

Longs: Shorts:

WAG - Picture of power - continuation CSCO - Daily sell watch

HAL - Gap continuation

HPQ - Break down watch

TGT - Daily sell triggered

VLO - Break down continuation    

Posted in Daily Analysis, TraderHank's Stock Picks | Comments Off on Market play in the QQQ for Friday the 13th, 2013 and TraderHank’s scary stock picks…

QQQ end of the day update and TraderHank’s play of the day in TGT

Posted on September 12, 2013 by TraderHank
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The QQQ opened neutral today @ 78.08 then sold off until 9:45 am triggering the first buy in the market which would have been hard to take since the 5 minute downtrend had ended yesterday afternoon.  Price rallies to 78.18 and takes out the prior pivot high from Wednesday afternoon by 10 am reversal time which continues our uptrend.  Then, the Q’s put in a two bar pivot and headed higher, which would have been the time for traders to enter the move.  Price rallies into 10:50 am setting the high for the day @ 78.25 and then rolling over hard as price sold off to retest our lows near the low of the day @  77.85.  By 11:35 am the QQQ could not make a new low and started to rally again into lunch when price faded a bit before continuing the rally at 12:30 pm.  Price rallied into 1:30 pm reversal time but could not take out the high of the day and price started to roll over again.  Price chopped away lower fading the rest of the day to close @ 78.04 just .04 cents off the opening.  A narrow range day leaving a red doji style bar on the daily chart…

QQQ Daily chart 09122013
QQQ Daily chart 09122013
qqq 5 minute chart 09122013
qqq 5 minute chart 09122013

My play of the day actually came from my long list, but broke down hard this morning triggering a daily sell.  TGT sold off hard this morning putting in a measured move lower on the 15 minute chart.  My 15 minute short triggered as price in TGT rallied back up into an area of resistance and rolled over triggering my short play.  Since the Q’s were testing the highs again, I felt that it was a good time to be taking a short.  I put my stop .06 cents away from the last pivot high just in case price would retest this high area.  Good thing as price did exactly what I thought it would do but since there were overlapping bars to my left I felt that this area of resistance would hold the retest and it did like magic as price rolled over and went lower.  My first target @ .06 hit where I covered 1/3rd and prices looked even lower.  At this point we were 6 red bars down on the 5 minute chart and we had less than 30 minutes left in the day, I decided to bar by bar my last 2/3rds shares.  TGT went a total of  8 red bars on the 5 minute chart before triggering my cover on the last of my shares.  A nice 1 “R”isk unit trade near the end of a tough trading day for most traders. 

TGT 09122013
TGT 09122013
5 minute chart TGT 09122013
5 minute chart TGT 09122013
Posted in Daily plays, Market Update | Comments Off on QQQ end of the day update and TraderHank’s play of the day in TGT

QQQ market play for Thursday, September 12th, 2013 and TraderHank’s Stock picks

Posted on September 11, 2013 by TraderHank
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The Q’s ended the day just breaking the 5 minute uptrend which does not mean we are in a down trend.  Price closed at 78.07 and is nearing Major support.  The fact that price has retraced this far is a bullish sign and if price gets above or gaps above the 78.12 area Thursday morning, the uptrend will continue.  If this happens I would take a long buy setup that triggers any where above the 78.00 level with a long target in the 78.25 area.  If we happen to open neutral Thursday morning and roll over, we could then be stuck in a sideways pattern and therefore I would wait for a break of the 77.91 area before I’d be looking for a short.  If we happen to gap below the 77.91 area, we could look to play the first sell setup that occurs at 10 am or 10:30 am reversal time.  A Lower target for our short would be the 77.25 area.  My bias is neutral, be patient and wait for the market to lead the way…  Click on charts to enlarge…

QQQ 09112013 15 minute chart 1
QQQ 09112013 15 minute chart 1
5 minute chart QQQ 09112013
5 minute chart QQQ 09112013

Longs: Shorts:

AIG – Pivot I ANF – Daily sell watch

DIS – Break out continuation BRCM – Daily sell Triggered

ESRX – Pivot I continuation

TGT – Break out continuation

UNH – Break out continuation

VLO – Daily buy watch 

 
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QQQ morning update and TraderHank’s play in the market

Posted on September 11, 2013 by TraderHank
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The QQQ finally opened with a gap down this morning to open @ 77.70 and triggered the first 5 minute sell in the market by 9:45 am.  Priced moved back down nicely to break the prior low of 77.68 and set a new low of 77.65 by 10 am reversal time.  Price rallied for 10 minutes then triggered a 2nd sell that has since set the low for the day @ 77.59 by 10:30 am reversal time.  Now price did find a bottom and the Q’s have rallied all the way up to break the mornings high of 77.93 and we are now in a confirmed 5 minute uptrend.  Price is currently trading in the 77.99 area at 1 pm EST.  

My trade of the morning triggered in the Q’s during the first sell setup that triggered at 9:45 am.  Too often I don’t take these market trades that I post the night before in my blog, only to look back and wish I had.  So I’m making an effort to take these market trades when my prediction is right on the Money!  Today it was, the QQQ gaped below the 77.80 area and I mentioned last night to take the first sell set up that triggers in this area, so I did.  The trade was quick and painless but I was hoping for the lower target at 77.30.  A nice 1 “R’isk unit made on my market trade this Wednesday morning, 911…

QQQ 09112012
QQQ 09112012

        

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QQQ market play for Wednesday, September 11th, 2013 and TraderHank’s stock picks

Posted on September 10, 2013 by TraderHank
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Presently the QQQ are in a sideways range and I'm not doing anything until we break out or break down.  If we happen to gap up or trade above the 78.35 area, I'd look to play the first 5 minute buy in the market anywhere above 78.20.  I'd look to stay in the trade until we have a buy failure on the 2 minute chart.  For a short, we would have to gap or trade below the 77.80 area where I'd look to take the first 5 or 15 minute sell that occurs near this area with targets at 77.60 and a lower target of 77.30.  Click on chart to enlarge...

15 minute QQQ 09102013
15 minute QQQ 09102013

Shorts:  None

Longs:  

AKAM - Pivot I continuation

CREE - Break out continuation

DIS - Break out continuation

HOG - Pivot I continuation

TGT - Break out continuation

UNH - Break out watch 

Posted in Market Update, TraderHank's Stock Picks | Comments Off on QQQ market play for Wednesday, September 11th, 2013 and TraderHank’s stock picks