Double Bottom in 15 minutes chart PLUS zero-line crossing by MACD
5 Minutes candlesticks
I made 2 trades today, the first one which lasted 15 minutes cost me $30, while the second trade lasted an hour. The ISM index was announced at 10:00am. Market took some time to absorb the information. In fact the market rebounded from the moving averages at around 10:00 am. I shorted but the downtrend was short-lived and at 10:10 am it started to go up. This early trade ended up with me losing $30. (This earlier trade is not shown in the figure)
The market was moving veriy slowly. I decided to wait and see. At around 11:00am. priced pierce the moving averages with the mid-term MACD crossing the zero-line. Further study of the 15 minutes chart (below) also showed that this formed a doube bottom pattern with yesterday's price. After the losing trade previously which I shorted, I decided to go long. This proved to be a good decision. I entered at 1684.5 , and added another contract at 1689. I set my profit target at 1695 which is a natural resistance line. Stop loss was at 1679. The trade never looked back. It just went up all the way to hit my profit target putting $390 in my pocket. So I more than covered up my previous loss.
15 Minutes candlesticks - Double Bottom
