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Why no trade today?

5 min Nasdaq Emini 100

Hi,

Today market gapped down... it subsequently closed the gap and moved quite alot to the upside... But, there was no signal for me to trade... If you noticed, there is a plausible trading signal, when stochastics moved up, but Short-term MACD was very near the zero-line... cautioning me not to go long...

Subsequently, when price closed the gap, I should have gone long according to the strong price momentum, despite having no signals from either stochastics or short-term MACD, however, the limited upside made me think twice about going long and I stayed on the sidelines..

Posted by Michael Taylor on October 18, 2007 5:30 PM |

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