Umemployement and Trade Data --> Emini profits $620
Here's the Fundamentals from Briefing.com:
There is good economic news this morning. New claims for unemployment dropped to 308,000 for the week ended November 4 from 328,000 the week before. Layoffs remain at historically low levels as the job market remains strong.
The September trade deficit declined to $64.3 billion from $69.0 billion in August. This was smaller than expected and may produce an upward revision to the 1.6% third quarter GDP number. Lower oil prices helped.
5 min Nasdaq 100 Emini Futures Chart
The fundamentals tell us good news, so should we go long? That's the question that I kept asking myself all morning. Price action obviously told me otherwise..... There wasn't any clear uptrend and price was in a zig zag manner... I decided to wait for the right timing...
My chance came at 13:25 when price broke the neckline of a Heads and Shoulders pattern. Stochastics was also in the overbought region.... I shorted 1 contract at 1760.5.... When price broke the moving average, I shorted another 2 contracts at 1756.5... My profit target was at 1747.5 a low established by the previous day..At 15:00, I was out with profits of $620...