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Double Bottom PLUS Moving Average --> $270 profits

5 min Emini Nasdaq 100 Chart

Hi,
As I have mentioned before in previous posts, the market is slowing down into a period of uncertainty, whether to go further up or pullback temmporarily. Whatever it is, the uptrend is still in tact and I see no reason why we shouldn't focus more on long setups rather than short setups..

This trade although not very profitable, is of a high degree of probability..Firstly, we can see the double bottom forming. Secondly, when the double bottom forms and rebounce from the upward sloping moving averages, you know that price is trying to make a comeback..

I longed 1 contract at 1806.5 and another 2 contracts at 1808.... As the market is still choppy, I didn't place my price target too far,,, I decided to place safe by exiting at 1812, for a profit of $270.

Posted by Michael Taylor on November 21, 2006 4:18 PM |

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