Strong Price action breaking Moving averages, Shorted 2ng leg of down trend --> $1140 profits
5 min Nasdaq Emini 100
Hi,
How's it going? Price finally broke the barrier after going up for so many days.. I did not manage to catch the first leg of the down trend. It can as a surprise to me, I was waiting for a rebound from the moving averages, but it did not happen. Instead, it broke the moving averages to go down and down...
So what next? I had to wait for the next leg of correction before I decide to go short... My chance came as there was a slight rebound that brought price all the way back to near to the middle line of the Bollinger Bands.. I shorted 1 contract at 2175 and another 2 more contracts at 2166.. This was nicely accompanied by stochastics and Short-term MACD cutting their signal lines.. I exited only at 2150 when stochastics and short-term MACD turned up with a white candle stick... Profits = $1140.