Initial Jobless Claims and Factory Orders --> $490 in Emini profits
5 min Nasdaq Emini 100 Chart
Daily Nasdaq Emini 100 Chart
Here's the fundamental:
1 Factory orders were softer than expected at 2.1% (consensus 3.6%) & revised lower in Aug to show contraction.
2 Initial claims rose 18K to 327K in the week of Oct 28.
These are all signs the the economy is slowly down... on a long term basis, the bull trend cannot continue... However, remember, we are day traders and we capitalize on short term imbalances. If you look at the daily chart, you will realize that the uptrend has been in tact since August and there are no signs that it is going to end soon.
Jumping back to the 5 minutes chart, price breached yesterday's low of 1710. If it had continued to go downwards, this would mean that the uptrend has ended. However it rebounded..... at 10:00 am.. and I took a calculated risk by going long 1 contract at 1711. I set my stop loss close at 1706. When price pulled back to 1712.25, I went long another 2 contracts. My profit target was at 1720, slightly below my 60 day moving average. At 10:50 am the trade was exited with $490 in profits.