Price snaps back, rebounded from moving averages -> Short -> $480
5 min Emini Nasdaq 100
Hi,
Judging from how the market behaved these few days, it is highly unlikely that I would go long... Price went up after 11:00 am all the way to touch my moving averages.. It ranged for sometime before starting to show signs of weakness again..
Stochastics and short-term MACD cut down their signal lines, I shorted 1 contract at 1927.5 and another 2 more contracts at 1917 when it pulled back.. However, this proved to be a wrong move as price did not move much further down..
Stochastics and short-term MACD started to cut up again and I exited at 1912.50 with profits of $480.