Ranging market, BUT double top --> $275 profits
5 min EMini Nasdaq 100
Hi,
Today was a ranging market and I simply couldn't tell where the market was going..... If you entered the market before 12:00, I hope you didn't get whipsawed...
I was monitoring for the whole morning without any action... Even the afternoon was relatively quiet... although I did see price moving higher and crossing the moving averages..But there was no signal for me to go long and I didn't want to go against the downward bias...
I was about to give up for the day when at 15:45, a double top started to form ( shown in figure with dotted lines) ... I immediately shorted 1 contract at 1577.75 and another 2 contracts at 1575.25...I exited just before the market closed at 16:10 at 1571.50 with a $275 profit.. Not really good results.... considering that I spent the whole day monitoring it...