Rebounce from Moving Averages = $245
5 minutes
30 minutes
From a 5 minutes chart perspective, we are still in an uptrend, however from a 30 minutes chart perspective, we are simply in a pullback in a downtrend. There has been 2 strong up days previously and today we are finally seeing some weakness. We have to be extra cautious here because the uptrend in our 5 minutes chart might not last as long as we like it to be. The play here should be still to go long. At 10:45 a.m there was a bullish signal, we have a hammer candlestick pattern which has a long shadow and short body. Price then immediately rebounced from the moving averages. I went long 1 contract at 1601.75 and another contract at 1604. My profit target was at 1609 which was at the previous high. At 11:30 a.m, my profit target was hit with $245 profits.