QQQ morning update and TraderHank’s play in SLB

Posted on September 10, 2013 by TraderHank
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The QQQ gaped up this morning to open @ 72.28 then pulled back to the low of 72.07 and triggered a buy at 9:45 am.  Price moved back up but could not break out above the 72.28.  Since, price has went sideways bouncing between 72.07 and 72.32 and the market is basically in a chop slop movement.  Trading in this environment is not advised until we break out or break down.  

qqq 09102013
qqq 09102013

I had a beautiful 9:45 play in SLB which I found while doing my 945 scan for wide range red bars.  My entry was a 5 minute sell that triggered as price hit minor resistance.  Price moved down 6 red bars hitting my first target at .02 then 10 minutes later I trailed out of the play as a green bottoming tail had formed.  I would have left a few shares on but the market did a head fake short which caused me to take my play in SLB and now the market bounced back up looking a bit more bullish.  On these chop slop days it’s best just to take your profits when given to you.  I made a little over 1 “R”isk unit in my short trade in SLB…

SLB 09102013
SLB 09102013

   

Posted in 9:45 Wide Range Bar Plays, Market Update | Comments Off on QQQ morning update and TraderHank’s play in SLB

QQQ market play for Tuesday, September 10th, 2013 and TraderHank’s stock picks…

Posted on September 9, 2013 by TraderHank
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The QQQ is currently on a 15 minute uptrend so for Tuesday morning I would be looking for a buy to trigger near the 77.70 area of minor support by 10 am reversal time.  If we happen to gap over 78.00 I would look to take the first 5 or 15 minute buy setup that triggers in the 77.90 price area at 10 am or 10:30 am reversal time.  I would look to play long until the uptrend ends on the 2 minute chart.  If the QQQ happens to trade through or gap below the 77.60 area, I would look to take the first sell set up that occurs in this area on the 5 minute chart with a target of 77.25 and a shorter target @ 76.90.  Click on chart for a larger view…  

15 minute QQQ 09092013
15 minute QQQ 09092013

Shorts:  None

Longs:

CELG – Pivot I continuation

GILD – Pivot I continuation

LOW – Daily buy continuation

LVS – Pivot I continuation

MOS – Gap continuation

POT – Gap continuation

  

Posted in Daily Analysis, TraderHank's Stock Picks | Comments Off on QQQ market play for Tuesday, September 10th, 2013 and TraderHank’s stock picks…

QQQ Closing update and TraderHank’s play of the day in POT

Posted on September 9, 2013 by TraderHank
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The QQQ gaped up this morning to open @ 72.24 and immediately set the low of the day @ 72.23.  Price then rallied into 10 am setting the high for the morning @ 72.41.  Here, price pulled back to give our first 5 minute buy that triggered at 10:10 am reversal time.  If you read my market analysis from yesterday and took this buy, you were never stopped out as price action just soared the rest of the day finally setting the high of the day @ 77.96 by 2:15 pm as price then just faded to close @ 77.90.  Here is the 5 minute chart of the QQQ...  

QQQ 09092013
QQQ 09092013

My play of the day was in POT which I found this morning as a Tier II bullish gap up. My entry was on the 15 minute chart as price pulled in and finally found support just as the market was starting to break out this afternoon at 1:30 pm.  My entry was over a narrow range red bar which was the 4th red bar down into what price found as an area of minor support.  My first target was just .10 cents away @ .42 where I sold 1/2 of my shares.  I sold again at .50 cents and my final shares at .74 cents.  Not a huge trade but I was able to net about 1 "R"isk unit for the day.  My charts were down this morning so I was stuck trading the afternoon which can be a frustrating time to trade, so I'm happy with my 1 "R" on this Monday afternoon in September.

POT 09092013
POT 09092013

        

Posted in Gap plays, Market Update | Comments Off on QQQ Closing update and TraderHank’s play of the day in POT

QQQ Play update for Monday, September 9th, 2013 and TraderHank’s Long and Short List…

Posted on September 8, 2013 by TraderHank
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After Friday’s wild ride and afternoon break out above the 77.30 area in the QQQ, price did sell off breaking the prior pivot low near the 77.00 area and ending the uptrend on the 5 minute chart.  Even though the uptrend has ended does not mean we are in a new down trend yet, price could go sideways and continue the uptrend later.  For Monday, if we open neutral and price falls or gaps down, I would look to take the first sell that triggers near the 77.00 area preferable at 10:30 am reversal time with the first target area @ the 76.55 area and a 2nd longer target @ the 76.05 area.  If we happen to gap up and rally above the 77.15 area, I would look to take the first higher low that triggers long and I would expect that price would break Friday’s high of 77.34.  I prefer the short if it happens because of the beautiful void below…  Click on chart to enlarge…

QQQ 0908213
QQQ 0908213

Longs: Shorts:

CELG – Pivot I AXP – Daily sell triggered

GILD – Pivot I BRCM – Daily sell watch

JPM – Pivot I C – Daily sell triggered

VZ – Daily sell triggered 

Posted in Daily Analysis, TraderHank's Stock Picks | Comments Off on QQQ Play update for Monday, September 9th, 2013 and TraderHank’s Long and Short List…

Many short traders where caught off guard today…

Posted on September 6, 2013 by TraderHank
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This is one of the more fascinating lessons that I learned for Greg Capri @ Pristine.com in his ATS class formerly TPM II.  Today price gaped above and traded above breaking the last high pivot area from the last two days of consolidation.  Then price sold off hard breaking through the lower pivot area.  Short traders were caught off guard as price retraced back up to the area of Minor and Major resistance and moved through this area as a knife would move through butter, but why?  When price trades above and below an area of consolidation it becomes neutralized and should be dis-guarded, when looking directly to the left.  If your eyes focused on just the wide range red bar formed within the last 30 minute of trading, there are no reference points for traders to react too, so price had no problem moving back up through this area.  Price moved up to take out the mornings high, then consolidated over lunch to break out again this afternoon.  What a day for a Friday of trading, have a great weekend everyone…  Click on chart to enlarge…

QQQ 09062013
QQQ 09062013
 

  

Posted in Diary | Comments Off on Many short traders where caught off guard today…

GBPUSD does it again for TraderHank

Posted on September 5, 2013 by TraderHank
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Since my last post, My last chart showed that I had put my net out again at the same location of my winning trade to short GBPUSD.  Here is that chart again, click on chart to enlarge...

Same trade on again GBPUSD
Same trade on again GBPUSD

Here is what the 4 hour chart looks like with all of my limit, stop loss, and Take profit orders placed...

On again H GBPUSD
On again H4 chart GBPUSD

Here is what the daily looks like...

Daily GBPUSD 09032013
Daily GBPUSD 09032013

Here is the chart yesterday, Wednesday morning, 2 limit orders were hit short so I currently have 2 lots short in GBPUSD...

gbpusd update 09042013
gbpusd update 09042013

By Wednesday afternoon my 3rd limit order was hit but I stopped out on my 1st limit order short.  So the play is still on with 2 lots short...

2nd update GBPUSD 09042013
2nd update GBPUSD 09042013

Here is this mornings update which shows how price was wiped by this mornings news.  1 lot went to take profit last night and 2 more lots where triggered short this morning as a result of news.  Immediately, these 2 new lots went to their 40 pip take profit areas and now I'm down to my final lot with its take profit area on the horizon...

Update 3 GBPUSD 09052013
Update 3 GBPUSD 09052013

My trade ended mid morning today with a total of 6 of the 8 lots triggered short, 2 lots stopped out, and 4 lots went 40 pips each for profit.  Net profit is 2 lots for 40 PIPS of profit 🙂  

   

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Looky what the net brought in last night in GBPUSD for TraderHank…

Posted on September 3, 2013 by TraderHank
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I have to be honest, today was a scratch day for me in Equities, I had 3 attempts but nothing I felt confident about to risk my capital on today, so I kept my stops tight.  I had two other solid trading setups that I missed as well, which happens, there is nothing you can do about this, we are human, we need  toast, coffee, restroom breaks etc. and a good trade will pass you by.  Anyway, I did have a surprise waiting for me this morning when I awoke.  I throw my net out yesterday afternoon on a potential short in GBPUSD  @ 1.5601 for my first lot.  I felt that GBPUSD would exceed the prior high on the 1 hour chart so I decided to move my first short limit order above the prior high @ 1.5591.  It seemed like such a long shot since price was so far away trading @ 1.5549 area when I put the trade on.  This morning I was awarded a nice 40 pip profit on my first lot that triggered short in GBPUSD.  My caution cost me from having two lots go to profit but that happens sometimes.  Here is the setup chart for my Forex short play in GBPUSD…  Click on chart to enlarge…

GBPUSD H1 setup
GBPUSD H1 setup

Here is this mornings wonderful chart…

gbpusd 09032013 profit taken
gbpusd 09032013 profit taken

This afternoon, TraderHank put on the same trade again!   🙂

On again H GBPUSD
On again 4 hour chart GBPUSD

  

Posted in Forex | Comments Off on Looky what the net brought in last night in GBPUSD for TraderHank…

End of the week update on my USDCAD short trade

Posted on August 30, 2013 by TraderHank
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Well, I just had a gift hit my trade in USDCAD which almost got me about even.  Overall I’m down about 1/3 of a “R”isk unit which is a very small loss compared to what may have happened a full 2-3 R loss on the trade.  This morning the trade was rolling over nicely so I left on the trade, but soon after the markets opened here in the US and news came out at 9:55 over sentiment and inflation, USDCAD broke out again hitting my 2nd stop for the trade along with my 4th entry short.  I was thinking I should have taken my full 1 R loss and closed the trade this morning.  My trader stats tell me I loss more money by not allowing the trade to finish so I left the trade on but I was going to watch it closer throughout the rest of the day.  My early one and done trade in HD allowed me to focus on USDCAD entirely for the rest of the day.  Well, finally at about 12:15 EST price just dropped hard creating a huge wide range bar allowing me to exit my final two lots with a nice profit on both almost erasing entirely my 2 losing lots…  I’m down just 1/3 “R”isk unit for the week on my trade in USDCAD…  Have a great holiday weekend everyone!  Click on chart for a larger view…

USDCAD 08302013 update
USDCAD 08302013 update
Posted in Forex | Comments Off on End of the week update on my USDCAD short trade

QQQ update and TraderHank’s text book play in HD

Posted on August 30, 2013 by TraderHank
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The QQQ opened neutral @ 76.03 and immediately set the high of the morning so far @ 76.04 before heading lower.  Price triggered the first sell by 9:55 am reversal time and continued lower setting the low of the morning by 11:00 am reversal time @ 75.38.  Price is very weak and is drifting sideways as we head for lunch on Wall street, the Q's is currently trading @ 75.53...

QQQ 5 minute chart 08302013
QQQ 5 minute chart 08302013

I had a text book play this morning in Home Depot which I found while doing my 9:45 am wide range bar scan.  Price action in HD caught my eye soon as price began consolidating on the 5 minute chart.  As price action went sideways within a tight base it formed a beautiful 1234 play on the 15 minute chart.  I waited and waited almost thinking that the play was not going to happen.  I saw the market start dropping but HD continued to base sideways.  As the market sold off harder, I decided that HD was due to drop lower so I hung in waiting for price to hit .73 on the ask.  My patience was handsomely reward as price broke down and I entered my short play in HD.  Soon price hit my first target of .50 cents where I covered 1/2 of my shares, then price just flurried lower with a big red wide range bar so I covered another 1/4 of my shares.  I moved my stop down on lower pivot areas on the 2 minute chart with my play finally trailing out above .54 cents.  A Nice 2 "R"isk unit play to start the holiday weekend...

HD 08302013
HD 08302013

    

Posted in 9:45 Wide Range Bar Plays, Market Update | Comments Off on QQQ update and TraderHank’s text book play in HD

USDCAD trade update

Posted on August 29, 2013 by TraderHank
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Price has now moved into major resistance and has triggered two more short lots. Having the 2 extra lots, 3 total lots short is great, but I'm running out of time because I have to be flat going into the Holiday weekend.  Hopefully the trade will move into positive territory before 3 pm tomorrow EST.  Click on chart to enlarge...

4 hour USD 08292013 update
4 hour USD 08292013 update
Posted in Forex | Comments Off on USDCAD trade update