Emini Nasdaq 100 rebounced finallly -- $580 profits.
5 Minutes Emini Nasdaq 100 Candlestick chart
Hi,
At around 13:00, price started to break through the high established by the morning session, I longed 1 contract at 1510 without hesistation. Breaking a new high usually means good momentum and also notice that bollinger bands are expanding with the moving averages slanted upwards in a positive trend. There was a slight pause in price movement at 1515 and I longed another 2 contracts, my profit target was set at 1523, which is a resistance level established previously. At 13:50, my profit target was hit and I am out with $580 profits. Price went up a few points higher after that, but we can tell that the momentum is lost and price structure is weak.