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Sub prime Worries? Credit Crunch? --> Double top ? -->SHORT! --> $1300 profits

5 min Emini Nasdaq 100

Hi there,

Market has been relatively quiet in the morning session.. direction was not clear and there were no clear signals to enter the market... But at around 14:00., things started to turn bad... price action appeared to be forming a double top.. then when it broke the neckline accompanied by a down turn in stochastics, I was short 1 contract at 1960 and another 2 more contracts at 1955..

It was a smooth ride downwards.. It's comforting to see your profits increase.... I only got out of the market when a white candle appeared towards the end and I exited at 1935 with $1300 profits.

Posted by Michael Taylor on August 3, 2007 6:09 PM |

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