Bounce Off from Moving Average in a Down Trend --> $420 profit
5 Minute Emini Nasdaq 100 Candlestick Chart
Dear Trader,
How's your trading been? I have taken a long break in Japan and today's my first trade after my holidays... I hope my skills are not rusty.. :p
After observing the market trend for a few hours, I decided that today's a down trend day. This is pretty obvious as price always bounces off the moving average downwards.
My chance came at around 11:20 where I shorted 1 contract at 1575 and another 2 contracts at 1572. My profit target was at 1566 which is support line from previous price action. This trade lasted for around an hour and at around 12:20 pm, my profit target was hit and I was automatically out with $420 of profit.