Downward MA + Price Broke down --> $380 profits
5 min Emini Nasdaq 100
Hi,
How's it going? Today, the emini nasdaq gapped down and closed the gap and even went beyond it.. I did not participate in this price action...
Why?
Because the general trend is still down and I am not comfortable going long. Even if I go long, I couldn't tell when the pullback will end and whether price will immediately revert downwards... My strategy was to wait for it to hit the moving averages and rebound downwards..
My chance came at 15:00 when price started to break downwards... I shorted 1 contract at 1576 and another 2 contracts at 1572.... My profit target is at 1564... However, at 16:00, price started to pullback a little and since the trading session is ending soon, I figured that I better get out fast. I exited all 3 contracts at 1567 with a profits of $380.