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Closed gap, Stochastic down, MACD down --> $840 profits

5 min Nasdaq Emini

Hi,

Many readers have been asking where I was last week. Apologies for not updating.. I took a holiday down to asia... relaxed my mind and refreshed my trading instincts.. Notheless I keep in touch with the market....

Well.. today's trade is pretty straight forward.. Gap up? Yes, but the movement after that? It's bad. The second candlestick started to close below the open price and this was already a sign for the gap closure... I shorted 1 contract at 1977 when stochastics appeared to be turning down.. notice how short-term MACD turned down too? Then I shorted another 2 more contracts at 1968.

I exited at 1957 when stochastics turned up and price also appeared to be nearing the previous Friday's low which is a support line. Profits of $880.

Posted by Michael Taylor on September 10, 2007 8:22 PM |

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