Stochastics turned down, confirmed by MACD, bounced of a resistance level --> $780 profits
5 mins Nasdaq Emini 100 Candlesticks
Hi,
Today's a difficult market to make money... The morning session is a ranging market and if you did enter, you'd be whipsawed up and down out of your position... I shorted 1 contract in the morning session and managed to make $20 bucks only in the end... I quickly got got ...
In the afternoon session from 13:15 onwards, price bounced off a resistance line and a doji candlestick appeared.. it seems to me price has lost steam and is poised for a major pullback.... I shorted 1 contract at 1795 and another 2 contracts at 1793.5 after a slight pullback... Notice that this is accompanied by a reversal of stochastics from the overbought region? And, further confirmed by the short term MACD cutting the signal line... price plunged through the flat moving averages... and zoomed down! I exited at 1781... after price reached yesterday's close, which is a major suport level.... with profits of $780...