Missed the gap closuer, No trade today
5 min Emini Nasdaq 100
Hi there is no trade today, market is in dilemma and direction is uncertain... The major factor that prevents me from entering the market is that moving averages are flat .... Price gapped down today and shortly after, it tried to close the gap... Sthocastics and Short-term MACD went up as well, but I wasn't comfortable going long due to 2 major reasons.
1 there is limited upside, by the time I could go long, price was already at 2170 and yesterday's close was at 2180. Upside is only about 10 points
2 Moving averages are downward sloping and flat, suggesting that there is a lack of momentum and price simply did not exhibit enough strength to convince me that it will close the gap...
Well, it turned out that price did finally managed to close the gap and even go beyond that... I missed the trade... But I am glad I did as I still viewed this as a highly uncertain trade..
Price action thereafter is slow, hovering around the moving averages... No trade today.