Emini Day Trading Diary

5 min Emini Nasdaq 100

Hi

How's it going lately? Market was flat for most part of the morning session until around 14:30 when it broke off from the moving averages...

On hindsight, we know that we should have gone long.. But, if you look at stochastics and short-term MACD, you will realize that there are no signals at all...

Stochastics was in the over bought regioin and short-term MACD was already high...

I wouldn't risk a penny on unsure signals like these..

Posted by Michael Taylor at 5:11 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

We still have 2 weeks to the new year.. Trading is particularly muted during this period and there is no need to be brave and take unecessary risks...

If you observed the charts... You will notice that moving averages are almost flat. Bollinger bands are not expanding and candlesticks have short bodies.

Under such conditions, stochastics and short-term MACD simply doesnt make for good indicators..

Posted by Michael Taylor at 5:42 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

How is it going? Market gapped down today and closed the gap immediately... But upon closing... there is strong resistance at the 1230 line...

Moving averages are also flat... Price then plunged down immediately.. without any singals from the stochastics / short-term MACD...

No Trade today.

Posted by Michael Taylor at 11:23 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

Market gapped up today and continued it's path up.. Candlesticks have short bodies and price is not really trending anywhere.. Flat and enclosed within narrow bollinger bands...

Under such conditions, short-term MACD and shochastics are simply not reliable guages of entries or exits..Price action is still the main indicator we should look at for decision making ..

Posted by Michael Taylor at 5:30 PM | Permalink | Comments (0) | TrackBacks (0)