Double top, Stochastics down --> SHORT --> $630 profits
5 minutes Nasdaq Emini 100
Hi,
How's it going? market these few days is still recovering from the shock from last week.. not much movement... But I would cation anybody who goes long... This is obviously a down market... and its not very advisable to go against the trend unless it is a very clearly defined uptrend pullback...
The morning session was boring.. and risky.. you can see the candlesticks has alot of whiskers... I didn't like the price action and decided not to enter....
At 13:55,, I suspected that a double top might be forming ( note that this double top continues from yesterday's top), furthermore, stochastics cut down..... I shorted 1 contract at 1747.5 .... It went my way but came back up again... but I can sense inherent weakness as the price action up seems quite heavy .. I shorted another 2 contracts at 1746.. I held the position all the way until near the closing bell.. where price hit my price target of 1736 which is the low formed by the morning session... I am out with $630 profits.