5 Min EMINI Nasdaq Candlestick chart
Dear Trader,
How's it going lately? The trend is obviously down, I hope you'r making more shorts than longs. This trade is any easy one all the >technicals are inline. Firstly, I must emphasize that price is already in a downward trend position. If you can't see this, try zooming out of the charts. Try to view 15 minutes, 30 minutes or 1 hour charts, you can definitely tell that price is in a downward trend. What do we do next? We just wait for the right technical signal to come. At around 12:00 pm my chance came when price bounced off sharply from the moving averages, this is accompanied by a sharp downturn in stochastics from the over bought region and MACD crossing the zero line. I made up my mind to go short. I shorted 1 contract at 1533 and annother 2 at 1525.5. Price momentum was good and I placed my profit target far away at 1510 as I was not sure how far it can go. After 13:00, price action began to look choppy and I decided that it'd wise to exit soon and I exited at 1518. $600 in around 1 hour, not bad.