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Double bottom in stochastics, price bounced from moving averages -> $200 profits

5 min Emini Nasdaq 100

Hi,

Price bounced up today and there was a surge from the opening bell.. Apparently we are not prepared for a downturn as yet...

At around 15:00, stochastics started to form a double bottom and price bounced from the moving averages, I longed 1 contract at 1618

and exited at 1628 with profits of $200. There after you can see that price continued to be in a narrow range with short bodied candles.

Posted by Michael Taylor on August 12, 2009 5:50 PM |

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