Hit, Resistance line, Stochastic Down, MACD down --> $290
5 min Emini Nasdaq 100
Hi,
How's it going lately? Ya, I know, the market's been choppy. Be patient, the big wave will come sooner or later.
Market opened today with a gap down of almost 8 points and it took almost the whole day to close the gap. Today's play is purely technical.
Price went beyond closing the gap and hit a resistance line which is yesterday's high. It was immediately followed by a rebound to the downside. This was accompanied by a downturn of stochastic from oversold region. Short-term MACD also downturned.... I shorted 1 contract at 1851.5 and another 2 contracts at 1850.5..
My exit was at 1846 when price hit the moving averages and bounced up a little. The exit signal was also indicated by stochastic and MACD turning up.. Profits = $290.