The long awaited correction, price broke all moving averages --> $940 profits
5 minutes Emini Nasdaq 100
Hi,
The past five days have been hugely untrending... day traders, swing traders are all expecting what would be played out today.. yes, the much awaited correction... today's price action is the major plunge in more than 2 weeks... If you captured this, it would be profitable... however, if you don't, I don't blame you... because the long term trend is still positively uptrend... shorting might not be the right thing to do long term..
But, day traders like us, have to be flexible and adapt accordingly.. reacting quickly to developing trends is esssential.. I had been expecting this correction for a long time already and it came as no surprise to me...
Notic at 12:20, price broke all my moving averages... however, I am not ready to short yet,, I want to see it break the support level at 1810 before I make a move...
Finally at 12:50, price broke approached my support level of 1810 and I looked poised to break it... I shorted 1 contract at 1810 and another 2 contracts at 1805.... the plunge is violent and if you missed it,,, you'r never going to get a 2nd chance... My profit target is at 1791.. a support level... Stop loss is at 1815.5... You can see how the risk reward ratio is almost 4 to 1 on this trade... at 14:45, my profit target is hit and I am out with $940 profits..