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Upward Bias, bounce from moving averages, broke resistance --> go long --> $360 profits

5 minutes Emini Nasdaq 100

Hi,,
Today is a slow day,,, market's not really moving and I took a break in the morning session for a swim... I came back only after lunch and started monitoring from 1:00 pm onwards..I realized that the market is in a state of correction, with a slight upward bias... it makes sense only to go long...

at 13:40, my chance came and i longed 1 contract at 1772 after price found support at the moving averages and stochastics upturned from the oversold region... I longed another 2 contracts at 1775 when price broke one of my resistance line... there is good momentum upwards... I exited when it hit the next resistance line at 1780 as i began to see some weakness in price structure... profits = $360..

Posted by Michael Taylor on March 12, 2007 5:34 PM |

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