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Rebound from Moving averages, Stochastics up, MACD up --> $160 profits

5 min Emini Nasdaq 100

Market gapped up today and direction was not clear but price inched up bit by bit... This is a difficult market to trade. I am unwilling to risk money on unclear and slow markets.

The real signal only came towards the close when price spiked down and rebounded at the moving averages.. This is a classic setup.. However, the trade would immediately meet resistance at 1993 - 1995 area which is the high set for the day, I am only comfortable trading 1 contract.

Stochastics turned up from oversold and Short-term MACD turned up too. I entered 1 contract at 1985 and exited at 1993 with $160 profits.

Posted by Michael Taylor on September 11, 2007 5:26 PM |

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