Double top, break moving averages --> $800 profits
5 min Emini Nasdaq 100
Hi,
How is it going? Market gapped up today only to close it vigorously down.. But after that it bounced up and down without direction.. I did not enter the market... I only started paying attention when a double top formed... But I still did not go short... reason being very simple,,, there is limited downside movement.. the moving averages are support price.. I must wait for price to break the moving averages before I go short...
Then at 15:35, price started to break the moving averages and I shorted 1 contract at 2060 and another 2 more contracts at 2056... I held it all the way till a white candle appeared and stochastics started to move up... I exited at 2044 with profits of $800.