Day Trade Emini S&P 500 NASDAQ 100

5 mini Emini Nasdaq 100

Hi,

Price gapped up.. then it pulled down to the moving averages and rebounded from the moving averages.. This is accompanied by a double bottom pattern in Stochastics... I longed 1 contract at 1859.. However, you can see that the high formed by the morning session is the immediate resistance line... I did not like the price action almost as soon as I entered this trade.. It is too sluggish and all the candlesticks had short bodies..

Stochastics started to cut down and I immediately sold at 1867 with profits of $160.

Posted by Michael Taylor at 5:55 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Nasdaq 100

If you look carefully, moving averages are flat, stochastics was already in the overbought region when price started to move up.. These are not the right signals to go long..

From 11:00 am onwards.. price moved in narrow range.. with short candlestick bodies.. Is this the right condition to trade? NO! Be patient. I think the market has been extremely difficult recently.

Posted by Michael Taylor at 5:30 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

The market is down today.. and on hindsight there is a nice down trend.. see the nice trend lines that can be drawn by joining the highs and lows of the candles...

So do we short??

NO!

Why? --> we are really looking for stochastics and short-term MACD to cut down from the top... if you look at the signals.. most of them are buy signals... weak buy signals.. cutting the signal line from under... Obviously this is a bad market to go long... so what do we do? stay out!

Posted by Michael Taylor at 5:39 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

If you have been following my blog. you will know that I would trade in today's market.. Reason is simple

1 FLAT moving averages -> look at it, it is almost horizontal

2 Short-term MACD -> it is hovering around zero line.. nothing exciting..

3 Stochastics -> not symetrical at all,

4 Price action -> candlesticks with short bodies..

Do you want to trade in such a market? Not me!

Posted by Michael Taylor at 5:30 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

Price started out with strong momentum at the market open... It gave the false impression that market is going up and up.. I didn't believe that and was looking for a chance to short.

My chance came when stochastics and short-term MACD began to turn down. I shorted 1 contract at 1858 and another 2 more contracts at 1847... I exited only when price found support at the moving averages and bounced back.. Stochastics and short-term MACD also turned up and cut their signal line. profits of $880.

Posted by Michael Taylor at 5:30 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

Price gapped down today and eventually closed the gap.. Did you long or short? The answer should be none.

Firstly, moving averages are flat and slightly slanting down... If you should do anything, you should short.

Secondly, short-term MACD are extremely near to the zero line... This means that there is not enough momemtum.

Thirdly, candlesticks have short bodies --> market is undecided.

Fourthly, think about the risk / reward.. although there is a LONG opportunity indicated by the upturn in stochastics... Is it worth the risk?? There is immediate resistance above...

Do nothing when you are suppose to do nothing!

Posted by Michael Taylor at 5:30 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

If you look at today's chart you might think that there is a shorting opportunity at the opening.. when prices plunged.. but ask yourself... is there really a signal for you to go short?

Look at the stochastics and short-term MACD and the slope of the moving averages.. It doesnt seem to me that I can short with confidence.. On hindsight it might be the right move, but I cant tell with conviction during actual trading hours..

Price was moving in short candlesticks throughout the day.. It's pointless to trade in such a market.

Posted by Michael Taylor at 5:42 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

Market gapped up only to close the gap and rebound from the moving averages... I am not too impressed with the market movements.. One simply couldnt tell where it is going.. We are in a ranging market now..

However, there was a good chance to go long when price formed a double bottom pattern and rebound from the moving averages.. There is goood risk/reward here and I longed 1 contract at 1844.. At the same time, you can see that stochastics is up and short-term MACD is also up.. However, when price hit the high formed by the morning session, it started to be sluggish... Stochastics and short-term MACD also started to cut their signal lines.. There is obviously resistance around this area and I exited at 1860 with profits of $320.

Posted by Michael Taylor at 5:24 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100
]

Hi,

Market finallly ended up higher today after several measures by the FED and the recent fall in energy prices... However, I did not trade today...

If you look at the chart on the whole.. on hindsight, it seems like a good market to go long,, with price increasing on an upward trendline and moving averages sloping up... There are several occasions where stochastics and short-term MACD gave a long signal...

However, candle sticks are moving with shortbodies and Short-term MACD is not really displaying the symmetric shape that I would like it to display... No trade today.

Posted by Michael Taylor at 5:24 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

Market gapped down today only to close the gap and end the day near the opening price... It is a ranging day.. I dislike days like these, risk / reward is bad and the best indication are the short bodies of the candlesticks and long shadows... Moving averages are also flat.. It is extremely dangerous to trade in such conditions..

Posted by Michael Taylor at 5:23 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

There were some optimism about the government bailing out Fannie and Freddie, and price gapped up during the open... however, the gap immediately closed and price moved in short spurts... Look at the candlestick body and how Short-term MACD behaved..

Short-term MACD is basically hugging the zero line.. Moving averages are almost flat... We have no reason to trade.. NO TRADE TODAY!

Posted by Michael Taylor at 5:37 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

No trade today. Reason
1 Moving averages almost flat
2 Short-term MACD close to zero line.
3 Candlesticks with short bodies.

Market has been in a raning condition for several days already.. There is no reason to risk any money!

Posted by Michael Taylor at 11:10 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

THe moving averages are flat, Short-term MACD is close to hugging the zero line.. Not the perfect condition for trading... Notice that I have circled in green what appears to be signals for going long... I did not enter the market.. as I couldnt assess the risk/reward. Although stochastics and short-term MACD cut up, moving averages are flat and there doesnt seem to be a trend... too dangerous.

Posted by Michael Taylor at 5:54 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emin Nasdaq 100

Price is undecided and for a moment around 14:00 I thought that there was support at the moving averages.. I was looking for signs to go long... but apparently price broke further down.. First Stochastics formed a double top pattern, and short-term MACD cut the signal line... I shorted 1 contract at 1850 and only coverd my position at 1828 when stochastics and short-term MACD cut back signal line. Profits of $440. Notice that I only hold 1 contract recently? The recent market condition does not allow me to play 3 contracts.. there is no trend...

Posted by Michael Taylor at 5:19 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

The market is undecided and moves in short, unpredictable spurts... Take a look at the short bodies and long shadows of the candlesticks in the morning session..

Things turned out to be better in the afternoon session.. Price started to find support at the moving averages... at 14:00.. I started to look for signs to go long...

Notice the double bottom pattern formed by stochastics? at the same time, short-term MACD cut up the signal line and subsequently the zero line.. Price rebounded from the moving averages. This is a good risk/reward opportunity!!! I longed 1 contract at 1848 and only exited at 1869 towards the end of the market session. Profits of $420.

Posted by Michael Taylor at 5:52 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

Price gapped up by an amazing 20 points today.. But moving averages are flat and price moved in small steps. Just take a look at the body of the candlesticks..

I had intended to stay out of the market today... But at around 1500, price started to show support at the 1810 band.. (take a look at the dotted yellow lines), stochastics started to cut its signal line and short-term MACD rebounded from its signal line.. I longed 1 contract at 1820 .. This proofed to be the right move and price continued all the way up, only to meet resistance at the highs formed by the morning session.. Stochastics and Short-term MACD started to show signs of turning downwards and I exited at 1843 with $460 profits.

Posted by Michael Taylor at 5:21 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Price maintained the downtrend throughout the day, but I only shorted after 14:00. I was looking for a good entry point...
This came only when Stochastics went up and price rebound from the moving averags.. I shorted 1 contract at 1950 and another 2 more contracts at 1836 when price broke through the support line.. I exited at 1824 with $1000 profits.

Posted by Michael Taylor at 5:30 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

Market gapped down toady and there was a strong pullback to close the gap... but as soon as it closed the gap... price rebounded from the moving averages... It was moving down again with a sinking feeling... I cant tell where the market is going... there is no signal....

12:30, price started to show some signs of stabilization... there was strong support at 1825... at the same time, stochastics and short-term MACD cut the signal line... but I am still hesitant to going long..

Mid-term MACD started to cut its signal line and short-term MACD rebounded from its signal line as well.. I longed 1 contract at 1835. price reached the high fromed from the morning session and went further up.. I was feeling that it might get a little shaky and started to look for signals to get out... Stochastics cut its signal line down and I exited at 1860, with $500 profits.

Posted by Michael Taylor at 5:26 PM | Permalink | Comments (0) | TrackBacks (0)