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Gap up, closed gap, support -> LONG -> $460 profits

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 on July 7, 2008 5:21 PM |

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