« Housing Starts, FOMC Minutes, Triple top, Stochastics, MACD all in favor of Short--> $1120 profits | Main | Stochastics, MACD double bottom, price cut resistance --> $520 profits »

Price meet resistance, Broke moving averages --> $1580 profits

5 min Emini Nasdaq 100

Hi,

How is it going lately? The market is in a down trend today... Weak price action... Today's trade is not the typical trade which I do. It is based more on price momentum and support and resistance lines...

At 14:40, you can see that price did not manage to break through the resistance line formed by yesterday's close. It went on to break the moving averages and stochastics also went down... I shorted 1 contract at 2030 and another 2 more contracts at 2020 when price broke the support line formed by low of the morning session... I held my position all the way till the end when price moved up with stochastics and Short-term MACD cutting the signal line... I exited at 1997 with $1580 profits.

Posted by Michael Taylor on November 26, 2007 5:07 PM |

TrackBack

TrackBack URL for this entry:
http://www.daytradeemini.com/cgi-bin/blog/mt-tb.cgi/357

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)