Stochastic down, MACD down, Candle cut Moving averages and support line --> $1200 profits
5 min Emini Nasdaq 100
Hi,
As usual, price was ranging in the morining session and I simply couldn't tell where the market was going.. I decided to stay out of the market..
At 14:00, things started to get interesting as price bounced off nicely away from my moving averages ( look at cyan moving average). However, this was not enough for me to go short.. I waited for it to break the support line at 1905 established by the low of the morning session before I entered...
At the same time, stochastics was turning down from the overbought region and Short term MACD was cutting the signal line again... I shorted 1 contract 1904 and another 2 more contracts at 1895.. I held my position all the way till the end when I exited at 1878 when shot-term MACD and Stochastics appeared to be moving up.. profits of $1200.