No Trade today, Why? read on..
5 min Emini Nasdaq 100
Hi,
Price gapped down today and eventually closed the gap.. Did you long or short? The answer should be none.
Firstly, moving averages are flat and slightly slanting down... If you should do anything, you should short.
Secondly, short-term MACD are extremely near to the zero line... This means that there is not enough momemtum.
Thirdly, candlesticks have short bodies --> market is undecided.
Fourthly, think about the risk / reward.. although there is a LONG opportunity indicated by the upturn in stochastics... Is it worth the risk?? There is immediate resistance above...
Do nothing when you are suppose to do nothing!