Double bottom supported by moving averages, Stochastics, Short-term MACD up -> $320 profits
5 min Emini Nasdaq 100
Hi,
Market gapped up only to close the gap and rebound from the moving averages... I am not too impressed with the market movements.. One simply couldnt tell where it is going.. We are in a ranging market now..
However, there was a good chance to go long when price formed a double bottom pattern and rebound from the moving averages.. There is goood risk/reward here and I longed 1 contract at 1844.. At the same time, you can see that stochastics is up and short-term MACD is also up.. However, when price hit the high formed by the morning session, it started to be sluggish... Stochastics and short-term MACD also started to cut their signal lines.. There is obviously resistance around this area and I exited at 1860 with profits of $320.