Moving averages flat, candlesticks short -> NO TRADE
5 min Emini Nasdaq 100
Hi,
The same situation continued from yesterday... If you based your trading decision only on short-term MACD and stochastics, you will find a LONG signal,
But, if you are watching the market on the whole, you will notice that the moving averages are still flat, candlesticks have short bodies just when stochastics and short-term MACD are cutting the signal lines.. This isn't the right condition to enter the market..
Novice traders will look at this chart and say.. If he'd been long, he would be making $$$... You can only know this from hindsight... My judgement is based on real time market conditions and they did not seem right to make the plunge.