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No Trade Today! Market is undecisive

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 on July 18, 2008 5:42 PM |

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