Gap down, price momentum down, Mid-Term MACD down, Long-Term MACD cut signal --> short --> $600 profits
5 minutes Emini Nasdaq 100
The market opened with a gap down of around 7 points due to worse than expect retail sales data... I expected the market to go further down.. However, I did not shorted just as yet...
the gapped closed and almost immediately, i rebounded down...the morning session was pretty much a range bound market.....
My chance came at 12:15 when price dropped below the low established by the morning session... I shorted 1 contract at 1765 ...This decision is confirmed by the mid-term MACD cutting down below zero-line and the Long-term MACD cutting the signal line... (green circles) .. I shorted another 2 contracts at 1757.5 when price pulled back slightly as I was expecting a second leg to this down turn.... I exited at 1750 when it went pass one of my support lines and rebound back slightly at profits of $600.