No Trade today. Why? Read On.
5 min Emini Nasdaq 100
Hi,
The market's getting jittery about oil prices..price is still ranging on...not really in a trending mode..
I was watching the market the whole day with out a single trade.. Why? Because there was no signal for me to enter...
If you look at the charts.. you might feel that with hindsight, I should've gone long... But I would argue that this is infact a dangerous proposistion...
Although there was a downward bias... market is not really trending.. It stayed flat for much of the morning session...
At 12:00 pm, it broke down... why didn't I enter?
1 if you look at stochastics. is it turning down from the overbough region?
2 if you look at Short-term MACD, don't you feel that it is somewhat irregular? Lack of symmetry.
The only positive signal was from Long-term MACD which cut it's signal line... But this is not good enough for me to enter....
Well, I still didn't regret my decision... as you can see for yourself.. what kind of risk I would've put myself into if I forced the trade..