No trades today
5 min Emini Nasdaq 100
Hi,
How's is it going? Can't really tell the market direction? Don't worry, you are not alone. Market basically gapped down today and immediately closed the gap, thereafter, it bounced up and down in a zig zag fashion...
Notice that I have circled a plausible trade on the chart? I did not take this trade for the following reasons:
1 Although stochastics turned up from oversold region and this is a valid signal, price action is basically sluggish and have been zig-zag from the morning session onwards. I did not want to risk it.
2 Notice how the highs never exceeded the previous highs? (See the support and resistance lines drawn which forms a nice wedge) This simply tells me that there is not enough momentum to push price up.
Conclusion: No trade.