Price broke above resistance line, long --> $120 profits
5 min Emini Nasdaq 100
Hi,
Market gapped up by aroung 10 points today and made several attempt to close the gap, but we can see that upward momentum is strong and price did not really close the gap..
I waited for my chance... I had to wait till almost 14:00 when price broke off the resistance formed by the earlier sessions and I longed 1 contract at 2204.. note that stochastics and Short-term MACD are not really displaying favourable patterns... Nonetheless, I have to put price action first and this was a signal I had to act on...
The trade went well, but price seemed to hit resistance at 2215 and stochastics started to turn down sharply with a red candlestick. If you notice hard enough, there is a doji candlestick which appears before the big drop. I exited at 2210 with profits of $120.