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Gap Closed, Bounce of moving average, Stochastics up, Moving averages up --> $380 profits

5 min Emini Nasdaq 100

Hi,

Market gapped up today... Is the Fed going to cut rates? Seems like everybody is optimistic... I did not play the gap closure... Price closed the gap pretty fast.. I waited for it to hit the moving averages and as Expected, it rebounded together with my stochastics moving up.. This is a classic pattern... If you have been following my trades long enough, you will know that this is one of my favourite set ups.. Short-term MACD also appeared to be turning up..

I longed 1 contract at 1995 and another 2 more contracts when it shot past yesterday's close at 1997... I exited at 2004 when price approached today's opening and stochastic appeared to be turning down again... profits of $380.

Posted by Michael Taylor on September 13, 2007 8:20 PM |

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