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Double top, Stochastics down --> $180 profits

5 min Emini Nasdaq 100

HI,

Market gapped down today but it did not really recovered.The gap never closed and market direction was mixed at best...

At around 14:30, a double top appeared to be in the formation... Stochastics also turned down from the overbought region.. This gave me the confidence to short 1 contract at 1964 and another 2 more contracts at 1961... however, the pullback was shortlived as stochastics started to turn up and price bounced off the moving averages, I exited my position at 1959 with profits of $180...

Posted by Michael Taylor on August 27, 2007 7:31 PM |

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