Thursday, February 19, 2009

Qs Short Setup

I thought I'd take a little break from the flurry of recent Qs system posts, so here's a picture perfect short at yesterday's open that alert traders should have picked up on.
With the NYAD running at .07 for most of Tuesday, Wednesday's uber pop to something like R25 was a dead give away that the open was going to retrace.
The subsequent downslope in the corresponding 2 minute TICK provided further confirmation of failing enthusiasm for the opening pop.
The parabolics actually gave us 2 quick short entries and once the NYAD and TICK leveled off a few minutes after 10:00 it looked like time to cover. With the Qs performing a quick penetration of S1, and no follow through, the cover signal was confirmed.
This quick trade produced a low exposure $ .40 in just 30 minutes, or a little more than $.01/minute, which is the level of return that I target for these 20-60 minute positions.

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