Gap colsure play, bounce off moving averages --> $840 profits
5 min Emini Nasdaq 100
Hi,
If you have observed, the gaps in the past few days closed nicely before market starts moving in the opposite direction.. Well, this simply means market direction is unpredictable and that volatility is high... but, we should definitely capitalize on this...
Market gapped up today and when up a little before exhaustion and starting to fall back... A red candle appeared together with stochastics cutting the oversold line... I shorted 1 contract at 1855 and anothe 2 more contracts at 1844 when it pulled back mid-way to closing the gap... The exit was straight forward when price hit my moving averages and bounced a little... I closed off at 1837 with profits of $840.