Double Bottom Pattern, bounce from Moving average, upturn in stochastics --> $220 profits
5 minutes Emini Nasdaq 100
HI,
Market has been quite before the FOMC announcements, if you are not sure, dont trade, I have to agree that it's quite a difficult market to trade in...
Today's trade relies on the the last minute buying that usually continues beyond the closing bell.. At 14:40, I noticed a double bottom pattern forming together with price bouncing off the moving averages after a sharp pullback.. I longed 1 contract at 1785... and another 2 contracts at 1787.5.. my profit trarget is naturally the high of the day at 1785... There were sharp pulllbacks along the way and I was almost whipsawed out of my position.... I closed out at 1785 with $220 profits... In my opinion, the risk reward ratio of this trade is not really compelling... I had at best a 50-50 chance... and I considered it a failure on my part to restraint my urge to trade...