Double bottom, stochastics up, Midterm MACD up --> $1260 profits
5 min Emini Nasdaq 100
Hi,
I have just returned from my extremely long vacation.. I have been doing nothing but watching the market for the past 2 weeks.. Now I am back in action... Sorry for the long absence.. The market was not performing well,, ranging from side to side and I needed to take a break.. So,, well, afterall the aim of trading is to allow me to take a vacation whenever I want to.. :)
Well, Last Monday, the market fell by around 70 points.. which is really bad. so do we expect this momentum to be carried over to Monday? Frankly I dont know, in fact today's trade is a LONG....
At around 15:20, price formed a double bottom pattern and stochastics was up, you can see that short-term MACD and mid-term MACD both cut their signal lines. I longed 1 contract at 1958 and another 2 more contracts at 1970 when price reached the neckline of the double bottom pattern. I continued all the way till price touched my outermost moving average at 1987. The market closed and I got out with profits of $1260.