market is sluggish -- $270 profits
5 minutes Emini Nasdaq 100
Today is a ranging day. I have screen captured the whole day to let you see what I mean by a sluggish day..... Notice that there is no obvious trend ( although there is slight upward bias) and the pullbacks are just as vigorous as the upward movement. It is very easy to get whipsawed out in such a market environment. I have to admit that I was only LUCKY to make $270... I'd stay out of the market. The profits are not worth the risk...
Here's how my trade goes... Price gapped up at the opening bell and I waited for it to close the gap. There was a nice doji candlestick and rebound from the moving averages. Stochastic also rebounded from the oversold region...I didn't hesistate to long 1 contract at 1575.5, there was a slight pause at 1579 and I longed another 2 contracts. I expected momentum to continue to at least 1585 and my profit target was at 1590... At 10:40, price did hit 1585, but it immediately fell with shadows on the candlesticks. I didn't like the look of it. Finally at 10:50, there was a red candlestick and the whole setup seems weak and I exited at 1582. Still had a profit of $270 . But with hindsight, I would rather not enter the market today... the return is not worth the risk taken.