Uptrend, strong pullback, upturn in stochastics --> $480 profits
5 min Nasdaq Emini 100 Candlesticks
Hi,
The market is undecided lately... I would advice novice traders to stay out of the market.... generally, i would say that it is still in a short term uptrend... although on a mid-term basis, it is better described as being ranging.... Today's trade is a momentum play... After hitting a high of 1807, price plunged sharply all the way down hitting the moving averages... I longed 1 contract at 1795 when a white candlestick appeared suggesting that price reversal is going to take place... also, stochastics has turned up from the oversold region... at 10:30 am, I longed another 2 contracts at 1798.. .. price again hit the high of 1807 and pulled back... After seeing some sign of weakness in price action, I got out at 1805 with $480 profits... Well, that's all for the day.. traders are better at rest in a ranging market...
Comments
Hi, great blog you got here. ive been watching you trade a while now, you have a very disciplined approach to trading futures.
What time frames do you based your buy and sell decisions on? it must be a larger time frame b/c you only do 1 trade per day..
Another thing, do you buy more then 3 contracts total?
I really like strategy, hope to hear your reply, thanks.
Posted by: JP | January 9, 2007 2:37 PM