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Failed to close gap, Shooting star, Bounce of moving average, Stochastics down -> $560 profits

5 min Emini Nasdaq 100

Hi,

The market gapped down by around 10 points today. Price try desperately to cover the gap, but it never happened... My chance came when price formed a small shooting star briefing touching the moving averages.. This was accompanied with the stochastics turning down.. I shorted 1 contract at 1964 and another 2 more contracts at 1954... But I exited at 1948 when price approached the low formed earlier (see support line) and stochastics and short-term MACD started to cut up their signal lines.. Profits of $560.

Posted by Michael Taylor on June 18, 2008 5:50 PM |

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