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Ranging Market, moving averages supports -> $220 profits

5 min Emini Nasdaq 100

Hi,

How is it going? The market is stucked in a range for quite some time already... Today's makes use of this fact to trade the range..

I longed 1 contract when price dropped down to the moving averages and bounced back up to 1232. You can be sure that my stop loss is pretty tight, just below the moving averages. I have zero tolerance for this trade if it turns out to be a fake recovery...
Notice how stochastics cut the signal line when price bounced up..

I exited at 1243 when price approached the high created in the morning session, this is coupled with stochastics cutting the signal line from the overbought region.. I ended with modest profits of $220.

Posted by Michael Taylor on February 13, 2009 5:11 PM |

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