Double bottom stochastics but price in narrow range --> NO TRADE!
5 min Emini Nasdaq 100
Hi,
How is it going lately? Price gapped up by around 18 points today... It went further up in an effort to reach new highs...
Were you tempted to go LONG in this situation? If you observe carfully, you see that stochastics is not giving a signal during this price climb...
Price then fell and found support at the moving averages and stochastics formed a double bottom, this seems to be a good signal to go LONG,
but, price action is characterized by short candle bodies... Do you want to take unnecessary risk that might not be rewarded? Not me..
No trade today!! In fact price is trading tight in a range of around 10 ponts. It is impossible to make money here.