If it ain't UP....
5 minutes candlestick charts
Hi,
Like what I have described in the previous trade shortly after the opening bell today. Consumer confidence is going to be announced at 10:00am. I even made a losing trade, expecting that price will rebound from the moving averages. However, I managed to cut loss at $10 when I sensed that downward pressure is stronger than upward pressures.
My hunch proved correct and market did begin to fall and penetrate the moving averages. I shorted one lot at 1690. When price fell even further with great momentum. I knew that market is reacting to the consumer confidence report and this is going to be a sharp down turn. I shorted another 3 lots straight away. I set my stop loss at 1965 and a price target at 1680. But as the price kept droping, I shifted my price target down to the next support area at 1676. I was pretty confident that this great fall will be able to hit my price target. And BRAVO... it did and $1000 goes into my pocket within 20 minutes. This is one of the best trades I had since the beginning of this year!