Price broke out of Triangel to plunge down, Confirmed by MACD and Stochastics --> $380
5 Minutes Emini Nasdaq 100 Candle Stick Chart
Dear Trader,
The first half of today's market is tough. We couldn't see where the market is going or what it is trying to do. Please refrain from implusive trading. The best thing to do in such a situation is to stay on the sidelines. Go walk your dog, go the the gym, go the pool, do anything but trade. Patience is key... I took the morning session off and came back around 12:30.. At this time, I could see a nice little triangle pattern starting to form.. All I have to do is to wait for price to break out of the triangle and go in the direction of the break out. At 12:50, price started to break down and I shorted 1 contract at 1578 and another 2 at 1575.5. My stop loss was at 1584 and my profit target at 1570 which is the support established by the previous low. At 13:10, the trade was closed with $380.. In less than 30 minutes, my trade was closed, minimum fuss.