The Q’s gaped up to a higher high from yesterday’s last pivot high to open at 65.87 and immediately set the low at 65.70 within the first 10 minutes. Price rallied a bit and rolled over again testing the lows of 65.70 at 10 am reversal time. We had been running into minor resistance easily seen on the 60 minute chart which made trading long doubtful early on. After hitting the lows again at 10 am, the market triggered the first 5 minute buy setup and never looked back breaking through minor resistance then major resistance and setting a new high of 66.64. Basically a trend day which can be a really difficult trading day for many veterans. My first play was in CTSH which I entered on a 5 minute high play. I found CTSH on my daily gap list gaping over 5 days of consolidation easily seen on the 60 minute chart. This is an example of me moving my stop up where appropriate and taking my stop only to have price recover, reset, and then rip higher all day. I could have replayed this but I never noticed the opportunity. All I know is that price should have continued making higher highs, and higher lows and I would have been in the stock. But when it breaks a pivot, I’ve found more then not that I’m ending up taking a full “R” loss on the trade. Obviously this was not the case here with CTSH, but how every you manage, you must do it exactly the same way every time or it is impossible to know if your trading play is good or if it needs to be tweeked a bit. Basically a scratch trade for me that could have been huge…
CTSH
