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Resistance at Moving averages, Stochastics down, MACD down -> $260 profits

5 min Emini Nasdaq 100

Hi,

Today's trade is another classic pattern. Price plunged from the opening, I did not enter... I was waiting for some confirmation.. It then rebounced and found resistance from the moving averages..

There is good risk / reward if you place your stop loss just above the moving averages.. The resistance from the moving averages held and stochastics and short-term MACD started to move down, cutting the signal line.. I entered one contract at 1952 and exited at 1939 when stochastics and short-term MACD cut their signal line and started to move up.. Profits of $260.

Posted by Michael Taylor on August 18, 2008 5:57 PM |

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