Sharp Correction, Price Broke all Moving averages --> $440 profits
5 min Emini Nasdaq 100
Hi,
The market has been closing up for the past 6 days and today it finally gave way.. Price gapped down in the opening and found support at the moving averages ( red moving average) It tried to cover the gap in a futile attempt and price continued to be ranging from 11:00 am till 2:00 pm... I was monitoring the market but holding my horses.... My chance came at around 2:15 pm when price broke pass the red moving average, but I was still a little skeptical about the move since we are in an uptrend environment, we have to be extra careful about going short.
However, at 2:30pm, the price action is too compelling, telling me that price is breaking downwards.. this can be observed by the huge red candlestick ... I immediately shorted 1 contract at 1890 and another 2 contracts at 1889 when there was a slight pullback.. the plunge just continued all the way down towards the close...and I just let my profits run.. I exited at the close with the white candlestick pullback at 1882 with profits of $440.