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Possible Trade? Did you take the plunge? Friday the 13?

5 min Chart Emini Nasdaq 100

Hi,

Nasdaq is hitting on a all time high again... If you really have to make a choice. Go Long. DON'T SHORT in such a market.. Did I make a choice? Yes, I did not trade... Why? There were no compelling signals for me to enter the market...

If you look at the chart above, you might be tempted to enter in the orange zone with stochastics turning up... but take a closer look... Short-term MACD is staying close to the zero line.. This is a NO NO is going long.. this screens out the possiblity of entering at all..

In fact the whole day is kept within a tight range of around 15 points... Stay on the sidelines..

Posted by Michael Taylor on July 13, 2007 6:47 PM |

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