« Reistance on top, double top, stochastics down, MACD down --> $1460 profits | Main | Ranging day, Do you want to trade this? Think carefully. »

NO TRADE TODAY! why? Read on

5 min Emini Nasdaq 100

Hi,
How's it going? market is lacking in direction and it is ranging today... It gapped down a little but quickly covered it up.. The moving averages are flat... There might be possilbe trading signals on highsight ( Look at the areas I circled) but I did not enter.

Firstly, stochastics did not really cross up from the oversold region... It sort of just bounced off the the oversold line at 20....

Secondly, the biggest reason is I don't like the haphazard price action with the flat moving averages.. Flat MA usually mean no trend... You don't have to force yourself to trade when the odds are not in your favor.

Posted by Michael Taylor on January 10, 2008 5:47 PM |

TrackBack

TrackBack URL for this entry:
http://www.daytradingdiary.com/cgi-bin/blog/mt-tb.cgi/366

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)