« Fed leaves interest rate unchanged at 5.25% --> Luke Warm market response --> Lost $40 | Main | No trades today.. Why? Read on... »

Market in Conundrum, Gap closure, Stochastic down, MACD down --> $330

5 min Emini Nasdaq 100

Hi,

For whatever reasons, the market gapped up this morning for about 6 points. But movement after that was choppy.. Price appeared to be closing up the gap but just got bounced of resistance...

At 11:30, price started to move down again, this time forming a nice double top with the previous high in the morning.. The move was accompanied by stochastics moving down and Short-term MACD turning downwards too..

I shorted 1 contract at 1965 and another 2 contracts at 1962.... I finally exited at 1957.5 when a white hammer candle appeared and price appeared to bounce off the moving averages..profits = $330.

Posted by Michael Taylor on June 29, 2007 5:55 PM |

TrackBack

TrackBack URL for this entry:
http://www.daytradingdiary.com/cgi-bin/blog/mt-tb.cgi/247

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)