Ranging market breaks down!
5 Minutes Candlesticks
Market was ranging from the opening till around 13:00. If you played during this period, chances are you will lose money, I have said many times and warned many times to stay out of such a market. How to tell that it is ranging? Basically, moving averages are flat, MACD and Stochastics have poor symmetry. These are tell-tale signs that you should stay out of the market.
My chance came at around 13:00 when the market started to break downwards. I entered one contract at 1682 and another one at 1680. Stop loss was placed at 1692 and profit target at 1670. The trade was smooth with little hiccups along the way. I ended up at 14:00 with $440 in my pocket.