Stochastics, MACD double bottom, price cut resistance --> $520 profits
5 min Emini Nasdaq 100
Hi,
Market remains volatile as oil hits all time high and credit fears haunt the market.. There is no apparent trend and I don't blame you if you remained on the sidelines for these few days..
Today's trade is based on support and resistance lines... Notice the lines I drew on the chart? These are all support or resistance lines formed by price during the morning session.. Traders have to pay extra attention to how price behaves around these regions...
At around 15:05, price began a slight upward thrust, but I did not enter yet... when price broke through the resistance line, I longed 1 contract at 2017. This was accompanied by stochastics and MACD cutting the signal line. notice that these 2 indicators formed a double bottom too? This was enough signal for me to enter... As price broke the second resistance line, I longed another 2 contracts at 2028 and held it all the way till 2033 when stochastics started to turn down.. profits of $520.