Shorting wins the day again, MACD cuts zero line --> $550 profits
Nasdaq Emini 100 Candlesticks 5 minutes chart
Hi,
How's is it going? The market is in a state of uncertainty these days, with falling oil prices and good earnings, it's just not going up enough... Yes, my take is that the market is poised for a correction, when that will come I don't know, but a correction is healthy before it moves any further... I would advice novice traders to stay out of the market until a clearer trend appears on the daily chart...
The first half of the market, price was going up.. However, it faced much resistance when going up, you can tell this from the price action.... I did nothing when it went up.... because, I didn't like the price action and I still believe that the short term bias is down, at least for the past few days...
At 14:00, my chance came when price broke the moving averages at one go, this was preceded by the short term MACD cutting the zero line and the mid-term MACD cutting its signal line... I shorted 1 contract at 1797.5 and another 2 contracts at 1794... price plunged nicely.. and went below the low established in the morning session... at 14:30, however, I began to see some counter movements and this alerted me to prepare my exit.... finally I got out at 1786... with profits of $550...