Strong rebound from moving averages, Missed the first leg, Entered on Second leg --> $570 profits
5 min Emini Nasdaq 100
Hi,
Today Dow's not really moivng up while Nasdaq 100 was strong... I missed the first leg as there were no signals for me to enter.. However, at the second pullback to moving averages, I took my chance and entered.. To be frank.. I wasn't 100% sure of this trade because my indicators were not really giving signals... Stochastics was already at the overbought region and showed no signs of turning down..
However, I have learnt to that it is necessary sometimes to break my rules and follow market action... The price action is simply too strong to be ignored... It resembled those of price action in a strong trending market...
I entered 1 contract at 1907.5 and another 2 contracts at 1912 when it broke new high... My hunch was correct and price just zoomed ahead.. I exited at 1920 when red candles appeared. .. Profits of $570..