$1750 profits in 90 minutes. - Nasdaq 100 breaks down towards close
During the first part of the day, I shorted and price immediately bounced back, I lost $50 ( not shown in figure above). I decided that although the general trend is down, price might be correcting itself and it seemed pretty unstable near the 1600 mark. I resisted any temptation to enter the market and waited... ..
Well, it was a long wait... but my chance finally came at 14:30 when price showed signs of breaking downwards, I was hesistant to enter because of the loss in the morning market. I was wary that it might just bounce back from 1600...
However, when it broke 1595 decisively, I knew that it was heading downwards and in a big way. It was breaking out of a channel. I shorted 1 contract at 1595 and later when it pulled back, I shorted another 2 at 1595. As the trade progressed, I shorted 1 more contract at 1582.5. My profit target was at 1570. At around 16:00 EST, my profit target was hit with $1750 in my pockets. Basically price just went down without looking back. This was a simple trade.