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

Posted on May 17, 2013 by TraderHank
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The QQQ opened the day gaping into major resistance @ 73.96 only to sell off setting the low of the day by 9:45 am @ 73.73.  Price rallied into 10 am to test the high of the day, set during the first 5 minutes of trading @ 74.12, but price could not break out above this area.  Then price started to drift lower into 11:10 am again testing the lows of the day but price failed to set a new low.  Price went sideways over lunch and broke out to the high side by 2:15 pm as lunch was ending, now the QQQ’s have finally set a new high at 74.18 here at 3:00 pm.  

qqq05172013
qqq05172013

The 3rd Friday of the month is usually options expiration day and as you can see in the Q’s chart above, a messy chart pattern which can cause a difficult day of trading for most traders.  I had no gaping stocks on my list and a very small daily list of potential plays.  I was able to run across PCAR on my 9:35 momentum scan.  PCAR had a nice 5 minute bottoming tail off the 200 ma (Event at a Location) and had very little supply to the left that I felt that price would continue upward with our bullish market.  I entered above the 5 minute high @ 53.39 and took an early target of .75 where I sold 1/3rd and I sold another 1/3rd @ .90 and a few more shares @ 54.00 while moving up my stop on 2 minute pivots.  I was finally trailed out of the play on a little shakeout as price continued to move higher.  My profit was just under 2 risk units which is great on a day like today… 

pcar05172013
pcar05172013
Posted in 5 minute momentum play, Daily Analysis | Comments Off on QQQ afternoon update and TraderHank’s play of the day in PCAR

QQQ update and TraderHank play of the day in UAL

Posted on May 15, 2013 by TraderHank
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The QQQ gaped down slightly from yesterday’s close to open the day @ 73.38 and rallied for the first 5 minutes before price action went sideways into 10:30 am  where price broke out to the high side and set the high of the day at 73.74 by 11:15 am.  Price drifted slightly lower during lunch only to test the highs again by 12:55 pm when price started to sell off hard breaking the 5 minute uptrend in the QQQ.  Price fell into the major support area of 73.20 to set the low for the day by 2:50 pm when price again started to really to end the day near the highs at 73.63.  We clearly are in a sideways trading pattern seen here on the 15 minute chart of the QQQ…

qqq05152013
qqq05152013

My trade of the day came in UAL which I found on my 9:45 scan for wide range bars.  I really had a poor list of stocks to work with this morning and since I had been off Monday and Tuesday I wanted something really good before I’d enter a trade.  UAL had this beautiful green wide range bar “a pure picture of power” as you can see in this 15 minute chart of UAL below…

UAL15minchart
UAL15minchart

Now, I just needed an entry which came as a 1234 pattern that I completely missed 🙁  suddenly, I received a second chance as a 123 formed again 🙂  My chart displayed an RBI (red bar ignored, but now the chart is showing a narrow range green bar, anyway, color does not matter as long as it’s a narrow range bar in the upper 1/3rd of the igniting bar) So I entered above, the RBI @ .52.  I had a tight stop of .17 cents so I entered with nice share size and price took off immediately.  Price popped so hard that I started to take profits almost immediately by offering out on the “ask” and I ended selling 1/2 of my shares at .75 cents and again at my 2nd target of $35.00.  UAL moved a full .65 cents in my favor in 15 minutes, wow!  I trailed out handsomely with a nice 1 1/2 R profit on a very quick play.  Below is my 5 minute chart depicting my entry in UAL…

UAL05152013
UAL05152013
Posted in 9:45 Wide Range Bar Plays, Daily Analysis | Comments Off on QQQ update and TraderHank play of the day in UAL

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

Posted on May 10, 2013 by TraderHank
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The QQQ opened with a small gap up this morning just off of the Major Support area of 72.63 which happens to be our low for the day.  Price powered upward setting the high for the day by 10:05 am @ 73.06 only then to roll back over and come within .01 cent of the low for the day before bouncing again at 10:40 am.  The Q’s rallied into 11:05 am but could not set a new high before rolling over again to test the lows by 11:35 am when price started to head upward.  We are definitely in a sideways pattern for now and I would wait for the market to make up it’s mind before taking a trade on this Friday afternoon.  

QQQ 05102013
QQQ 05102013

My play of the day came in MOS as a 5 minute momentum play lower.  MOS was not on my list this morning, since I did not have any outstanding gaping stocks, at 9:33 am, I started to look for a nice wide range bar play with a void.  I decided to look for a short since the market is oversold and likely to sell off at anytime.  I found MOS rather quickly looking at a scan of the weakest stocks on my list.  I had a pretty good wide range red bar with MOS that had made its way through the 200 ma on the 5 minute chart.  The 60 minute chart just screamed “SHORT” with a beautiful void to the downside.  The 5 minute chart had nice rail road tracks forming between the 20 ma and 40 ma’s which is a clear signal for lower prices.  I shorted just below the first 5 minute bar and I was handsomely rewarded as MOS sold off hard until 11 am where I finally tailed out of my short play in MOS  with 2 risk units of profit.  Here is the chart for my short play in MOS…

MOS 05102013
MOS 05102013

  

Posted in 5 minute momentum play, Daily Analysis | Comments Off on QQQ afternoon update and TraderHank’s play of the day in MOS

QQQ afternoon update and TraderHank’s play of the week in JCP

Posted on April 26, 2013 by TraderHank
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The Q’s gap down this morning to open @ 69.61 ending the uptrend on the 15 minute chart.  Then the Q’s rallied into 10 am reversal time setting the high of the day @ 69.72 before rolling over to make a lower low by 10:20 @ 69.32.  The Q’s then rallied into 11 am before rolling back over to set the low of the day by 12:10 pm @ 69.27.  Since the Q’s have been rallying through lunch and are near the highs of the day @ 69.70 here a little after 3 pm.  

5 minute chart QQQ04262013
5 minute chart QQQ04262013

   My play of the day/week came on a bullish daily gap in JCP which I fund this morning during my early morning gap scan of gaping stocks.  JCP was a Tier II gaping stock which required a proper setup for entry.  JCP opened by immediately pulling back 5 bars on the 1 minute chart giving me a buy setup with a COG (change of guard bar) which in this case was very potent as price blasted upward as I entered JCP long.  Price took no time in reaching the target one area @ .30, then price consolidated till 10:30 reversal time and shot upward hitting my target II area @ .50 cents.  I’ve struggled all week long to become profitable and this trade sent me over the top as far as profits. Always dance with the one that brought you to the dance as the story goes, so I reentered JCP long after a hard pull back near 11:45 @ .57 and a stop of .46 as we headed into lunch. Price action stayed bullish and by 1:20 JCP hit my new target one of .75 where I sold 1/2 of my new position and holding the last 1/2 at a break even stop of .58 cents.  Price soon broke down taking me out of my 2nd play in JCP with a full 2 Risk units of profit on the trade and making a very hard trading week profitable.  Here are the charts for my play in JCP…

jcp04262013
jcp04262013
jcp04262013II
jcp04262013II
Posted in Daily Analysis, Gap plays | Comments Off on QQQ afternoon update and TraderHank’s play of the week in JCP

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

Posted on April 22, 2013 by TraderHank
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  The Q’s on the open had a slight gap up today opening @ 68.34 and soon set the mornings high at 68.57 within the first 5 minute of trading.  Price retest the lows by 9:45 @ 68.25 then rallied back up to test the high for the morning but price could not break through and the Q’s headed lower until 10:30 reversal time setting the low of the day @ 68.08.  Then price started to grind upward testing the highs right before lunch and breaking out above the highs during lunch and continuing a 5 minute up trend to set the high of the day by 3:35 pm reversal time @ 69.04.  Price pulled back over the last 30 minutes to close just above the rising 20 ma on the 15 minute chart @ 68.80.

SNDK15042213
SNDK15042213

My play of the day came on a 5 minute low in SNDK which I had found on my Daily play list as a 123.  The first 5 minute bar closed as one of those red spinning top type bars breaking the upper and lower pivot areas on a long prior consolidation.  The next bar was a narrow topping tail consolidating price in the lower 1/3rd of the first 5 minute bar.  This is known as a 123 pattern and it made a terrific entry for a short in SNDK in which I entered on the next bar as price took out the first 5 minute low.  SNDK was a little wild at first but price settle down allowing me to cover and take profits @ .72 my target 1 area.  My T1 area bar closed green and then was taken out by another red bar in which I added back to my position as I was looking for a measured move lower.  OMG!  That is exactly what happened as I covered additional shares @ .25 then price action caused a 2nd green bar to close and again it was taken out by a red bar, yes I added back to the position while lowering my stop.  Could this be a 2nd measured move lower?  OMG!  Yes, price moved downward nicely and I covered additional shares @ 50.75.  Shortly there after I was trailed out of the play handsomely rewarded!  I had been looking for a play like this last week with no luck, finally it came today 🙂

sndk04222013
sndk04222013

  

Posted in Daily 123 play, Daily Analysis | Comments Off on QQQ update and TraderHank’s play of the day in SNDK

Market play for Monday, April 22, 2013 and TraderHank’s stock picks

Posted on April 21, 2013 by TraderHank
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 After a big sell off in the QQQ on Thursday, The Q's opened on Friday with a small gap up opening the day at 67.30 and immediately set the low for the day as price rallied into 11:45 where the high was set @ 68.23.  Price pulled in a bit during lunch to set a higher pivot low at 67.89 and then went sideways with the Q's testing the highs and lows again, so currently we are in a sideways trading range between 68.23 the high and 67.89 the low.  For Monday, we really need to wait to see which way the market will break.  My guess would be lower where we have a nice void to the downside.  If we gap up but don't take out the 68.35 area I'd be looking to short the first 5 minute buy that fails in this area.  If we happen to gap below the 67.89 area, I'd be looking to take the first 5 minute sell setup that occurs at 10 am or 10:30 am reversal time.  If we happen to open close to neutral I'll wait for a breakout or breakdown in the market looking to take the first 5 minute pull back on a short play.  If we happen to break out to the long side, I think I'll SOH ( Set on Hands) because of the heavy resistance nearby the 68.35 area.    

Click on chart to enlarge...

 
 
QQQ4212013
QQQ4212013

Longs:

DIS - Break out

GILD - Break out

VZ - Gap continuation

Shorts:

SNDK - 123

Posted in Daily Analysis, TraderHank's Stock Picks | Comments Off on Market play for Monday, April 22, 2013 and TraderHank’s stock picks

04/20/2013 A quote from Oliver Velez

Posted on April 20, 2013 by TraderHank
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 I can sum up last weeks trading by sharing what Oliver had said several months back that when I forget, I get into trouble, He said, “A Master Trader Has tiny little loses, tiny little wins, a few break evens, a few good trades and every once in a while over a months time 2-3 OMG’s”.  When I reduce my thinking to this while I trade, I’m very consistent, almost boring but profitable.  This is true Mastery, so keep it boring!  Do what you are supposed to do when you are supposed to do it, nothing more.  Believe me when I say this, when I set there and wait I miss out on more bad trades Vs. the good ones.  For the week Monday was plus 1/2 R, Tuesday was a plus 1/2 R, Wednesday was a +1/2 R, Thursday was a scratch day, and Friday was a 2/3rds R day.  When I add it all up, my weekly expectation was met, money made and not one trade worth mentioning this week… Yes boring, I have to remember to stay boring! 

Posted in Diary | Comments Off on 04/20/2013 A quote from Oliver Velez

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

Posted on April 3, 2013 by TraderHank
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The QQQ gaped up a few cents this morning only to set the high of the day @ 69.18 by 9:35 as prices then sold off hard all day long.  I had expected the sell off yesterday but we got it today.  The Q’s found support by 10 am @ the 68.89 area but by 11 am price broke down over lunch and headed lower confirming a new 5 minute down trend.  Prices sold off during lunch finally bouncing off major support at 2:00 pm setting the low of the day @ 68.28 as lunch was ending on Wall Street.  The Q’s rallied finally breaking through the 20 ma but at 3:00 pm priced rolled back over and set a new low for the day by 3:35 pm @ 68.24.  Again price bounced and rallied to settle in just below the 20 ma to close the bearish day @ 68.43.

04032013
04032013

My play of the day was in JPM which I found scanning for a 9:35 am momentum play.  I woke up late this morning and did not have enough time to make a list, I just had enough time to review gaping stocks but really nothing made my list so it was up to me to possible find a momentum play during the first 5 minutes of the morning and this is where I came across a nice red wide range bar to the downside in JPM.  I was sold going short since the market was still into major resistance and JPM had a beautiful void to the downside.  I entered on the 5 minute low and basically took the elevator down a full two “Risk units” lower.  I sold at my first target and finally trailing out after price closed above a 5 minute high.  I thought it was a good time to exit since it was reversal time and price had fallen so hard but JPM rolled back over and headed lower again, I guess I could have played it again but since I had not, had, my cup of Joe yet I left JPM for someone else.  JPM was my only play today since I had came unprepared and was still victorious!

jpm04032013
jpm04032013

    

Posted in 5 minute momentum play, Daily Analysis | Comments Off on QQQ end of the day update and TraderHank’s play of the day in JPM

QQQ intraday play for April 2nd, 2013 and TraderHank’s stock picks

Posted on April 2, 2013 by TraderHank
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The QQQ ended the day near the lows currently in a 5 minute down trend.  The Q’s closed near minor support at 68.50 and I’d be looking for the first 5 or 15 minute sell in the market to get short again with a lower target of 68.20.  If we gap up but stay below the 68.75 area, I’d be looking to take the first 2 minute lower high short with targets back down to today’s low of 68.31.  If we happen to gap down, we could look to play the first 5 or 15 minute sell setup that triggers at or near 10 am or 10:30 am reversal time.  I’m looking to stay short until the 5 minute down trend in the QQQ ends… 

Click on chart to enlarge…

 
QQQ04022013
QQQ04022013

QQQ04022013

Longs:

APOL – Daily buy triggered

Shorts: 

HOG – Wide range bar

MS – Base break down

Posted in Daily Analysis, TraderHank's Stock Picks | Comments Off on QQQ intraday play for April 2nd, 2013 and TraderHank’s stock picks

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

Posted on April 1, 2013 by TraderHank
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The Q's opened the day neutral and set the high of the day by 9:40 @ 69.09 then price began to move lower breaking down ending the uptrend at 10 am.  Price continued to move sideways until 10:30 am where we had our second major breakdown in price as the Q's headed lower setting the low for the morning by 11 am @ 68.51.  Price rallied into 11:50 only to roll over to test the lows again at 12:30 pm and bouncing at major support.  Price rallied back up into our W pattern but could not break the neck @ 1:30 pm and price headed lower making the next lower high at 2:05 pm just after lunch where price sold off hard breaking major support and setting a new low of the day @ 68.31 by 3:40 pm.  The QQQ closed above the lows @ 68.46.  

QQQ4012013
QQQ4012013

My play of the day came in AMGN which I found as a momentum play after the first 5 minutes of trading.  Price put in a nice wide range green bar, I entered the play over the 5 minute high and price took off nicely.  I hit two targets .26 and .75 and I thought we might hit 104 but price sold off hard shaking me out at 10 am and thus the high of the day was set as price headed lower the rest of the day.  Here is my chart for my play of the day in AMGN...

amgn
amgn

  

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