Ranging Market but still managed to profit $510
5 Minutes Nasdaq 100 Candlestick Charts.
The market no longer has a clear cut down trend. Instead, it is consolidating and bouncing up and down. Even so, there is still chance for profit as price very obviously bounces down from the moving averages. The keyword is PATIENCE. Wait for an appropiate entry position. Well, it seems that I do not have to wait too long today. At 9:45, price began to bounce down from the moving averages. I immediately shorted 1 contract at 1483 and during the pullback, I shorted another 2 at 1480. My stop loss was set at 1488 and my profit target at 1472.5 which is slightly higher than the support line established by the low of the previous day. At 10:40, my position was out with $510 of profit. Not bad for 1 hour's of work.