No trades today.. Why? Read on...
5 min Emini Nasdaq 100
Daily Emini Nasdaq 100
Hi,
After the doji daily candle that appeared last friday, market rallied weakly today.. price surged up from the opening... but I didn't enter simply because there wasn't a signal to do so.. If you observe carefully, stochastics is already in the overbought region..
In order to capture this short morning spurt, you have to enter from last friday, when stochastics frist crossed over from oversold region.. ( green circle ).
The rest of the day was characterised by short ranging candles.. If you looked at S&P Emini, Volume is below 20,000 on a 5 min chart. The market is at a turning point.. and players are confused...
One last point to take note is the negative divergence between price and MACD in the daily charts.. The uptrend is getting sick... I will not be surprised to see a correction at some point.