Price hit Resistance, Bounced down with Stochastic --> $400 profits
5 min Emini Nasdaq 100
Hi,
Market is still digesting the FED cuts, no clear direction as of now... but nonetheless day traders like us can still play the market. There will inevitably be short-term fluctuations in the intra-day market and that is what we aim to capture.
Today's trade did not come until 15:20 when price hit the resistance line formed by today's high. It failed to break through the high and this is the 3rd attempt at the break this resistance line. Price immediately rebounded back and I shorted 1 contract at 2076 and another 2 more contracts at 2074..
Along the way, you can see that Short-term MACD has crossed the signal line too which confirms the direction of the trade. I exited the trade at the end only when price hit the moving averages at 2068 with profits of $400.