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Bounced from moving averages, Stochastics up, MACD up -> $200 profits

5 min Emini Nasdaq 100

Hi,

Market is still in the undecisive stage... But there is a long signal today.. The classic long signal..
First and foremost, moving averages are not too close to each other.. and slightly sloping upwards.. This is pretty important..

Price crashed down all the way from the opening bell to find support at my slowest moving averages.. This was coupled with an upturn in Stochastics and Short-term MACD... I longed 1 contract at 1959 ..

Notice how price found resistance once more when it reached the opening price? Stochastics and short-term MACD also turned down.. I exited at 1969 with profits of $200.

Posted by Michael Taylor on August 15, 2008 5:51 PM |

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