MACD crossed moving average --> $325
5 Minutes Nasdaq Emini 100 CandleStick Chart
Hi,
How's the trading lately? Yes, I know the market has been choppy and it has been a particularly difficult time to trade. Remember it is better to stay out of the market completely if you feel the conditions are not right. The smarter way would be "not earning or losing" compared to "losing" if you forced yourself to trade.
Market opened with a gap down and I was watching it the whole morning with no confidence of entering. However, at 11:50 am, my mid-term MACD crossed the smoothed MACD (the red circle above) and this was a signal for me to enter. Furthermore, price action formed some sort of a double bottom patttern and I knew price was poised for a rebound.... I longed 1 contract at 1797.. and another 2 contracts at 1799 at 12:00...
I did not have much confidence in this trade and placed the profit target at 1803.75, which is the high established by the morning session. At 12:30, my profit target was hit and price actually went beyond that to 1806... Well,, I failed to capture that 3 points and there was no way I could've predicted that but I was satisfied... with $325 profits.