Gap Closure, Shochastics Down, MACD down -->$760 profits
5 mins Emini Nasdaq 100
Hi,
How's it going? Market has been strong lately, on a steady uptrend.. But the trade today is actually a short.. Why? because of the signals.. and purely because of the signals...
Market gapped up by around 5 points today, made an attempt to close the gap, but failed.. I had to wait till 10:30 for a clear signal that price doesn't have enough momentum to keep on going up... I shorted 1 contract at 1914 when stochastic downturned... This was further confirmed by Short-term MACD cutting its signal line... I shorted another 2 contracts at 1912 when there was a slight pullback in price... After my entries.. all is set for the price action to play out..
It closed the gap.. and went beyond that.. I sticked it out until it touched my longest moving average (red) I immediately exited at 1900 which was also a strong support line with $760 profits.