Gap Closed and rebound, Price action weak, Stochastics down --> $1280 profits
5 min Emini Nasdaq 100
Hi,
The market gapped down by around 12 points today and its immediately reaction was to close the gap... I waited for the gap to close and that was when things started to get interesting.. The market being in a clear downtrend now did not have enough momentum to go up further... Price rebounded from my moving averages and Stochastics started to turn down.. I shorted 1 contract at 2020...
Price plunged beyond the opening price and I mmediately knew that today's gonna be a down day.. There was a slight pullback at 11:30 and this was a perfect chance for me to short another 2 contracts... I held my position all the way till price hit the support at 1990 and I got out at 1992 with $1280 profits.