Gapped Down, Stochastics Up Turn, Short-term MACD Up Turn --> $460 profits
5 mins Emini Nasdaq 100
Hi,
Today, price gapped down by almost 6 points and in the first 30 minutes of trading, price continued it's downward plunge into the red... However, at 10:25, stochastics gave me a signal to go long, turning up from the oversold region. I longed 1 contract at 1893 and another 2 contracts at 1895... This is a huge surge upwards.. and I almost did not have the chance to enter the second time at 1895....
All went smooth.... until price met resistance at the moving averages... it was pretty obvious that significant amount of momentum was needed for price to cross the moving averages... A red candlestick appeared and Stochastics which was already in the over bought region also appeared to be turning downwards... I exited immediately at 1902 with $460 profits.