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Market in Conundrum, Gap closure, Stochastic down, MACD down --> $330

5 min Emini Nasdaq 100

Hi,

For whatever reasons, the market gapped up this morning for about 6 points. But movement after that was choppy.. Price appeared to be closing up the gap but just got bounced of resistance...

At 11:30, price started to move down again, this time forming a nice double top with the previous high in the morning.. The move was accompanied by stochastics moving down and Short-term MACD turning downwards too..

I shorted 1 contract at 1965 and another 2 contracts at 1962.... I finally exited at 1957.5 when a white hammer candle appeared and price appeared to bounce off the moving averages..profits = $330.

Posted by Michael Taylor on June 29, 2007 5:55 PM |

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