Total of $310 profits for the day... Market is still Ranging.
5 Minutes Chart
15 Minutes Chart
Hi,
The market is in a slightly uptreding environment when viewed on the 5 minutes chart. But I would rather classify it as a ranging market. This is evident if you look at the 15 minutes chart. But because it is slight uptrending, it is rather dangerous to go short, Emini can rebound heavily once it hits the Moving Averages ( MA). My stratetgy for this kind of market condition is to go long when price hits the MA. I executed 2 trades for the day, one around 12pm and another at around 3pm. The first trade at 12 pm, I entered a second contract when price moved 2 points in my favor and exited on a profit taking limit order at 1728. The second trade did not turn out as well, but I was lucky to remain profitable with $70.