Bounced from support, Stochastics up, MACD up --> $700 profits
5 min Emini Nasdaq 100
Hi,
The market's whipsawing up and down and I would suggest that if you are unsure of market direction, just stay out of the market... Today's trade is based on resistance and support lines and the surge in price during the last few minutes of trading...
Notice that when price hit the moving averages, it started to move down again? Downward pressure is great.... I had to wait till 15:40 to find a decent trade... price bounced off the support lines.. which is great, since my stop loss would just be below the support line giving me great risk/reward ratio...Also, stochastics went up nicely...
I longed 1 contract at 2060 and another 2 more contracts at 2068 when price broke the resistance line formed in the earlier sessions...I held my position till the closing bell and exited at 2077 with profits of $700.