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Annapolis Bancorp, Inc. (ANNB) Message Board

  • hogwash012002 hogwash012002 Jan 6, 2005 8:20 AM Flag

    Don't. yesterday's QQQQ trade

    took that QQQQ trade which I was stalking, it finally happend at 1 pm (yes, that is also one of the many reversal intraday times, lmHo)

    It made a 2B, a double bottom where the second bottom is a bit lower than the first, reached that on high down volume and then held a few pennies around 38.49-52 on good volume, where I got in. That point also coincided with the Nasdaq touching the 50 daily sma. Usually get in after the candle that closes above the candle that made the 2 B, one minute is ok, especially if the move is as sudden and strong like this one was, or a 3 or 5 minute for the slower 2 B's. It did not go anywhere as high as I thought though, and got out at 38.81, but not a bad trade all in all.

    2 B bottom is a good play, because in essence it is a bear trap, the lows of the day is taken out, which is often a trigger for shorts to enter, and then BAM, everyone piles in (longs who just about gave up on the possiblity of a double bottom, because yesterday's lows were already tested 3x intraday in this particular case, and ones like me who were watching for the bear trap), and the recent shorts add to the buying frenzy.

    To cap up, your short paper trade and my 2 B trade were the 2 best available intraday trades for the QQQQ yesterday.

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