Price Action play, Shooting Star Candlestick --> $480 profits
5 min Nasdaq Emini 100
Hi,
How's it going lately? Yes, I know, the market's been choppy lately... we might be at a turning point.. but that's too early for me to say... long term uptrend still seems intact but significant negative divergence can be seen in the MACD.... Price opened with a gap down... but closed the gap within 15 minutes.. then things started to get interesting...
Notice the shooting star candlestick? This indicates loss of momentum and a possible reversal... I waited for a some more signs that price is going down and voila!... price confirmed my hopothesis and I shorted 1 contract at 1810.5 and another at 1809....
This trade is a smooth ride all the way down.. until I see a doji and I knew it's time to get out.... I got out at 1801.5... with profits of $480.