Price finally tumbles, Short --> $640 profits
5 min Emini Nasdaq 100
Hi,
I didn't have alot of shorting trades these days because the mareket keeps going up.. But remember, what goes up must come down. Market has to correct at some point. I am still patiently waiting for the major correction that is bound to happen... The short that I did today is just but a minor correction in a major uptrend.. But when the big one comes, be sure to short it heavily!
Today's trade is pretty straight forward, the morning session till 14:00 pm is pretty range bound with prices between 1925 and 1930... At 14:00, price started to move down, However, I had to be extra cautious make sure that the price will not bounce back like before.. I shorted a little late at 1926 when Short-term MACD cut the zero line.. I shorted another 2 contracts at 1922.5 when price pulled back to the blue moving average..
After that, it was smooth sailing... I was a little worried when price hit my red moving average but there was enough momentum to carried it through and it went pass the red moving average by a fair margin.. I exited at 1913 when price pulled back a little with profits of $640.