08/14/2013 I removed the moving averages from my Equity charts…

Posted on August 14, 2013 by TraderHank
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 I took off the training wheels a little over a week ago and I think I'm finally over them.  The charts are so much clearer without the moving averages and my trading is improving as a result.  I've removed the MA's before but soon went back to them, this was about 2 years ago.  When you have any moving average on your chart, your eyes go to the moving averages first, instead of what is really important...  Price!.  I've also noticed that the moving averages squeeze the charts, the bars, etc. which makes recognizing profitable setups even more challenging because the patterns all look a little different.   Now, all of my chart patterns look identical no matter what indices I'm trading and since I have no moving averages up, I'm forced to look left at real prior support and resistance aka Price.        

QQQ 08142013
QQQ 08142013
Posted in Diary | Comments Off on 08/14/2013 I removed the moving averages from my Equity charts…

QQQ update and TraderHank’s play of the day in Verizon

Posted on August 8, 2013 by TraderHank
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The Q’s opened the day with a nice bullish gap up to open @ 76.85 and immediately set the high for the morning @ 76.91, then price proceeded to sell off.  The QQQ sold off hard into 10:35 am setting the low for the day @ 76.30 in an area we call Major Support.  From here price never looked back going all the way back up to break out to a new high of 76.98  during lunch.  Since, price has faded slightly and is currently trading @ 76.87 with 15 minutes left until the close.

5 minute chart of the QQQ 08082013
5 minute chart of the QQQ 08082013

My play of the day was in VZ which I found during my morning 9:45 am scan for wide range bars.  My first entry came at 9:55 am reversal time below a small narrow range topping tail red bar with COG (change of guard).  Price moved down nicely and as price was nearing my first target VZ sold off violently making a wide range red bar to the downside near support.  I covered 1/2 of my profits and then waited for a 5 minute bar by bar break of a high to trail out of the the play.  My play in VZ lasted another 5 minutes as price broke through the highs of a closed green bar to the upside.  A nice little 1 “R”isk unit trade.  Later VZ gave me a 15 minute trigger short which I took but this time price action was a bit unfriendly almost stopping out my play.  Price finally rolled over as the market started to fade.  Price moved lower just under my entry price and started to base for 30 minutes before finally breaking down.  I moved my stop to .01 cent above the base @ .66 cents.  Price action did a head fake snapping upward taking out my stop and headed lower.  I stopped out with a small profit and watch as price slide lower to my target 🙁 .  

5 minute chart of VZ 08082013
5 minute chart of VZ 08082013
Posted in 9:45 Wide Range Bar Plays, Market Update | Comments Off on QQQ update and TraderHank’s play of the day in Verizon

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

Posted on August 7, 2013 by TraderHank
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The market gaped down to a prior major support area to open at 76.34 then rallied into 9:50 am reversal time setting the high of the morning @ 76.57 an area of major resistance.  The QQQ triggered a beautiful sell that I just had to take as my mouth was salivating as price fell in a flurry.  First target was the prior low @ 76.31 and my longer target was @ 75.77.  My first target was hit easily and I covered 1/3rd of my shares short.  I covered another 1/3rd into the whole number @ 76.00.  Then price action put in a GBI on the 5 minute chart, again I was salivating at the chance of a measured move lower.  I shorted more shares and brought my stop to the high of this small range green bar.  Soon price just dropped to .87 cents where I covered 1/2 of my lot and waited for more.  As price kept hitting .87, I kept offering out shares at this low area and once I had a 5 minute bar by bar break of a prior red bar, I trailed out of the play.  I was able to slice out 2 “R”isk units of profit on this nice 4 1/2 “R” move lower in the QQQ.  

QQQ 08072013
QQQ 08072013

      

Posted in Market Trade, Market Update | Comments Off on QQQ update and TraderHank’s morning in the Q’s

QQQ closing update and TraderHank’s play of the day in LOW

Posted on July 31, 2013 by TraderHank
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The Q's had a small gap up to open @ 75.78 and shot up to set the high of the day in the first 5 minutes @ 76.03.  After, price drifted lower into 10:20 am reversal time setting the low for the morning at 75.78.  Typical on FOMC days, price went sideways into lunch not doing much of anything until FOMC minutes were released at 2:00 pm when price did a head fake lower then shot up to break the highs of the day.  Price broke out to set the high of the day @ 76.21 by 2:55 pm then price sold off hard into the close testing the lows by .02 cents and finally bouncing to close the day @ 75.82.

qqq 07312013
5 minute chart of the QQQ 07312013

My play of the day came in LOW just as we were heading into lunch time on Wall Street.  I found LOW on my daily long list because price had triggered a buy on the daily chart.  Once LOW broke out on the 5 minute chart, I wanted to play the next 5 minute buy setup.  Price hit the 44.50 area and started to base bullishly and as price neared the rising 20 ma price began to move upward so I entered with stop at the bottom of the base with a nice tight stop of .10 cents.  The first target was relatively near but with the tight stop I felt that there was a good chance that price could hit $45.00.  As I entered the play price dipped a bit and then moved on up nicely hitting my first target of .69.  As price headed sideways again price put in a money bar taking out the low of the base and snapping back to take out the high.  I felt for sure that price was heading upwards so I held on with 1/2 of my shares for another 5 minutes as price just sat there.  During the next 5 minute bar, price started to break down, since we were headed into lunch and the Fed was going to release the FOMC minutes at 2:00 pm I thought it would be best to take my 1 R profit and head out for my daily walk.  I missed the 2 pm action and as you can see, Price in LOW did hit the $45.00 level.  I'd rather be safe on FOMC days since they seem to be some of the most challenging days to trade for master traders.  Here is my 5 minute chart for my trade in LOW.

LOW
5 minute char of LOW
Posted in Daily Analysis, Daily plays | Comments Off on QQQ closing update and TraderHank’s play of the day in LOW

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

Posted on July 18, 2013 by TraderHank
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The QQQ opened @ 75.55 today after yesterday's close @ 75.57 and sold off for the first 5 minutes before reversing at our first reversal time of the day at 9:35 am.  The Q's rallied up into 11 am to match yesterday's high @ 75.74 then price rolled over and headed lower taking out yesterday's low of 75.35 and triggering a new 5 minute downtrend setting the low @ 75.25 by 1:15 pm.  The Q's have since ended the down trend forming a W pattern on the 5 minute chart and is currently trading above the rising 20 ma on the 5 minute chart @ 75.51.

5 min chart of the QQQ 07182013
5 min chart of the QQQ 07182013

My play of the day came in SNDK which I found as a Tier II gap this morning.  SNDK sold off hard this morning filling the gap and bouncing.  I missed the first buy and decided to wait for the next 5 minute buy.  Price action soon sold off again to test the lows then price once again bounced creating a higher low.  Soon there was a 2 bar pull back and price looked as if it had created another higher low, so I entered the play @ 60.00 with 1 of 3 lots.  I knew that price could be a little violent and it was as SNDK picked up my other two lots as price snapped lower.  Price soon recovered and moved my position into profitable territory.  I was looking for a 40 cent profit on all 3 of my lots then suddenly price popped selling 2 of my 3 lots with over 40 cents of profit.  It was soon after that SNDK took out my last lot @ .40 cents and by the looks of the chart, I left a lot on the table.  I'm going to have to start leaving my first lot on for a longer target, as in every profession, there is always something to work on.  3 lots each to 40+ cents in profit = a really nice 3 "R"isk unit trade for TraderHank 🙂

5 min chart sndk 0718
5 min chart sndk 0718
Posted in Daily Analysis, Gap plays | Comments Off on QQQ afternoon update and TraderHank’s play of the day in SNDK

QQQ afternoon update and TraderHank’s gap play in Citibank

Posted on July 15, 2013 by TraderHank
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The QQQ opened near Friday's closing highs @ 75.37 and immediately set the high of the day @ 75.42 and then proceeded to sell off for the first 15 minutes triggering the first 5 minute buy in the market @ 9:45 am.  Price was just a grind upward and it took until 11:30 am reversal time for the QQQ to set a new high for the morning @ 75.45.  Since, the Q's have continued its grind upward and now the high is 75.47 where price is near currently...

5 minute chart of the QQQ 07152013
5 minute chart of the QQQ 07152013

My play of the day came in C which I found gaping up this morning but not over a red daily bar and C did not even score on my gap list thus C would have to be played based on it's price action alone and definitely not at the open.  Price fell at the open and triggered a beautiful 15 minute buy at 10:45 am.  C had almost everything you look for on a buy setup, price @ minor support, @ the rising 20 ma, 5 bars down, bottoming tail, near reversal time, and the general market bullish so I took the play.  Entry came above the prior red bottoming tail bar @ .44 cents so I entered the play with 1 of 3 lots.  I expected price to pull back a bit and it did.  I entered two more lots @ .30 and .15 cents before price started its upward move into the void.  All 3 of my targets hit and profits taken @ .55, .70 and .85, 3 lots each to .40 cents, a +3 R profit made on the play :). Management was "advanced" on the play.

15 minute chart of C 07152013
15 minute chart of C 07152013

        

Posted in Daily Analysis, Gap plays | Comments Off on QQQ afternoon update and TraderHank’s gap play in Citibank

QQQ update and TraderHank’s play of the day in WFC

Posted on July 12, 2013 by TraderHank
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The Q's opened up neutral today @ 75.03 and rallied up for the first 5 minutes to 75.11 then price headed lower into 10 am reversal time setting the low @ 74.94.  From here price rallied into 10:15 breaking to a new high and continuing our uptrend @ 75.15.  The Q's faded into lunch setting the low of the day @ 74.82 breaking the uptrend on the 5 minute chart.  Price action recovered @ 1:05 pm to start a new uptrend on the 5 minute chart and is currently trading @ 75.04 pm. 

5 minute chart QQQ 07122013
5 minute chart QQQ 07122013

My play of the day came in WFC which I found this morning gaping over a prior daily red bar.  I scored the gap as a Tier II mortgage type gap which allows me to enter the play only on a pull back or base breakout, 123 pattern etc.  WFC pulled in nicely for the first 5 minutes filling the gap and triggering a 1 minute buy so I entered WFC long.  I was looking for .40 cents or a 2 R trade which took only 8 minutes...Beautiful play, done!  Have a great weekend everyone...

WFC 07122013
WFC 07122013

     

Posted in Daily Analysis, Gap plays | Comments Off on QQQ update and TraderHank’s play of the day in WFC

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

Posted on July 10, 2013 by TraderHank
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The QQQ opened with a slight gap down this morning in an area of minor support @ 73.02 and immediately set the low for the day @ 72.98.  Price rallied into 10 am reversal time to set the morning high @ 73.35.  Price continued to grind its way up through lunch only to break out at 2:00 pm as the Fed's minutes where released setting the high of the day @ 73.95.  The Q's closed near the highs @ 73.75...

QQQ07102013
5 minute chart of the QQQ 07102013

My play of the day was in HPQ which I found on my gap list this morning as a Tier II mortgage type gap.  I missed out on the mornings run up in price but I got a 2nd chance as HPQ pulled in hard to the rising 20 ma on the 15 minute chart and triggered a buy.  I entered the play with 2 lots and HPQ grinned its way back up, and finally popped with the market @ 2 pm where I sold half of my shares.  I sold my last shares 30 minutes later as the market was starting to roll back over and so did HPQ.  Price was not going to allow a big replay of the price action that we had in the morning, but I was still rewarded with a 1 "R"isk unit of profit with my play in HPQ.

HPQ07102013
HPQ07102013

    

   

Posted in Daily Analysis, Mortgage/Monster Gaps | Comments Off on QQQ end of the day update and TraderHank’s play in HPQ

Afternoon update in the QQQ and TraderHank’s long play in TGT

Posted on July 9, 2013 by TraderHank
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  The QQQ opened the day by gaping up again bullishly to open the day @ 72.98 just one penny off yesterday's high.  Unlike yesterday, the QQQ pulled back to 72.65 to set the low of the day at 10:30 am reversal time and triggered a beautiful  15 minute buy.   Price action has been bullish all day triggering another 15 minute buy at 1:30 pm and now the Q's are trading near the highs of the day @ 73.25.

qqq07092013
15 minute chart of the QQQ

I had a nice 2 1/2 R trade in TGT this morning which I found scanning for 9:45 am -15 minute wide range bars.  My initial entry long was on the first 5 minute buy that triggered where I entered my first lot of three.  Price soon rolled over and headed lower but I was prepared to play TGT if it pulled back lower.  I had two more adds allowing me to go to full share size on the play.  Price finally triggered the 15 minute buy and price took off nicely upward hitting two of my targets but my 3rd aggressive target @ 72.00 seemed like a long shot as we were heading into lunch, so I sold my final lot at a 5 minute bar by bar break.  Management on the play was advanced...

TGT07092013
5 minute chart of TGT

     

Posted in 9:45 Wide Range Bar Plays, Daily Analysis | Comments Off on Afternoon update in the QQQ and TraderHank’s long play in TGT

End of the day update in the QQQ and TraderHank’s Short play in QCOM

Posted on July 8, 2013 by TraderHank
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The QQQ gaped over Friday's highs to open @ 72.96 then price proceeded to set up the first 5 minute buy by 9:45 am which failed as price rolled back over and went sideways.  Price finally slide into the rising 20 ma on the 5 minute chart but could not break above and price slide lower @ 10:30 am and stayed short most of the day hitting the low @ 1:20 pm @ 72.38.  Price has since rebounded and is currently trading @ 72.60 and looks to close nearby creating a small red bar on the daily chart.

QQQ07082013
QQQ07082013

My play of the day came in QCOM on a 5 minute momentum play lower.  Within the first 5 minute bar, price put in a nice topping tail at the declining 200 ma and finished with a large wide range red bar.  QCOM had a void below and had nice relative weakness to the market (QQQ).  I entered with my first lot just below the 5 minute low @ 60.53.  Price proceeded lower for another 10 minutes then started to rally back into the declining 20 ma.  I shorted a 2nd lot @ 60.68 and I was willing to short a 3rd lot too @ .83 but I did not have to as price finally rolled over nicely @ .78 cent area.  At 11:20 I finally got the breakdown that I was looking for as QCOM moved down to both of my take profit areas @ 60.28 and 60.13.  A very nice 2 risk unit trade 🙂

QCOM07082013
QCOM07082013
Posted in 5 minute momentum play, Daily Analysis | Comments Off on End of the day update in the QQQ and TraderHank’s Short play in QCOM