Last Trading Day 2006, Light Volume, Positive Tone --> $540
5 minutes Nasdaq Emini 100
Hi,
The market has been relatively quiet these few days... Hey,, Chritmas, New Year,,,, traders got to take a break too right? Today's trade is taking advantage of the continuity from yesterday's development.... notice that near to yesterday's closing bell, there's a hammer ? this is followed by price shooting up and approaching the moving averages...
Today at the opening bell,, price gapped up slightly by 1 point, it met with some resistance at the moving averages and basically shot up.... this can be confirmed by stochastics moving from the oversold region and short-term MACD crossing the zero line and also the mid-term MACD crossing it's signal line...
I longed 1 contract at 1779 and another 2 contracts at 1782... I was not too greedy... my profit target was realistically set at 1790... remember,,, after all we are going long in a downtrend environment now... even if a downtrend can't be confirmed.. its definitely not an uptrend.... better not be too greedy and take money off the table while you can... at 10:00... my profit target was hit and I am out with $540 profits... not bad eh? for a 20 minutes trade...
Happy New Year
Good Trading for 2007 too. :)