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Gapped Closed, Mid-Term MACD up, Double bottom --> $200 profits

5 min Nasdaq 100 Emini

Hi,
We have the first day of rebound after consecutive days of selloff... The market is still resilient in the long term... But I am not about to put all my bets on it yet..
Today's trade might have ended up as a loss... I was entering probing trades to test the direction of the market.. Notice that I did not double up my position?
I traded only 1 contract.. Price gapped up today... and for the whole morning price was trying to close the gap... But notice that once it closed the gap, it immediately bounced back?
This proves strength... Furthermore, There is a double bottom formation.. When price broke the neckline at 1975, I entered 1 contract and I held it all the way till price hit the moving averages again before i exited at 1985 with $200 profits.

Posted by Michael Taylor on July 30, 2007 5:26 PM |

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