Stochastic and MACD downturn from overbought --> $460 profits
5 Minutes NQ 100 CandleStick Chart
Dear Trader,
The market gap down by 6 points today with worse than expected Current account deficit. It closed the gap and plunged down again.. I could not tell which direction market was going and decided to stay on the sidelines. Price continued to plunge throughout the morning session and recovered in the afternoon session. At 3:30 pm, my wait finally paid off when price started to turn down from an overbought region. The technical oscillators ( stochastic and MACD ) also supported the move, I decided to short 1 contract at 1586, and another 2 at 1584. My stop loss was at 1589, pretty tight. My profit target was at 1577, a key support level. At 4:00 pm, my profit target was hit and I was out with $460 profits.