Market still weak, Mid-term MACD down --> $740 profits
5 min Emini Nasdaq 100
Hi,
Market was quite undecided for the first 30 min of trade, I couldn't tell which direction it was moving and it was generally ranging... But at 10:05, things started to change and price started to move down...
If you look at the 5 min charts, you will notice a huge red candlestick... This is a clear sign that we should go short... it broke out of the range for the first 30 min of trading..
Let's take a look at our indicators... Now, Stochastics although not at the overbought region, turned down to cut the signal line and short-term MACD followed suit.. But what gave me the most confidence was
Mid-term MACD cutting the zero line.. this is a very powerful signal.. I shorted 1 contract at 1942 and another 2 more contracts at 1938. holding my position all the way till 1927 when stochastics started to turn up and I exited at 1927 with $740 profits.