Day Trade Emini S&P 500 NASDAQ 100

5 min Emini Nasdaq 100

If you look at the 5 min chart.. moving averages are almost flat and stochastics cut up the signal line...this was a Long signal... however, I did not enter the market..

Simple reason... candlesticks movements are dirty and moving averages are flat... This is reason enough for us not to trade..

Be patient...

Daily Emini Nasdaq 100

If you look at the daily chart, stochastics has started to turn up and yesterday there was a huge up candle.. If this trend continue, we can expect the market to turn up again...

Posted by Michael Taylor at 5:50 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

How's it going lately? I hope you are not trading recklessly because the market is simply undecided.. and ranging.. Seems like we are still digesting how Fannie and Freddie's salvation by the US goverment is going to ease market uncertainty..
You might think that the signals from stochastics are sufficient to go long... but wait a minute, moving averages are flat and candlesticks movements are dirty with short bodies .. . NO TRADE TODAY.

Posted by Michael Taylor at 5:48 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Price started out flat...ranging with no obvious trend.. use the moving averages as your guide... it is flat and not sloping in any direction... It is shouting to us "STAY OUT! "
At around 1320, Stochastics started to turn down and price was reflecting away from the moving averages...This is a good time for me to go short.. I shorted 1 contract at 1755..
Risk / reward is good...My stop loss was at 1760.. I wasn't prepared to risk too much on this trade..
Short-term MACD followed stochastics to cut the zero line...I exited at 1738 with profits of $340.

Posted by Michael Taylor at 5:31 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

So did you think that saving Fannie and Freddie by the US government is good news for the markets? Yes price did gap up but it quickly covered the gap and moving averages are slanting down... I was not too keen on going into the market.. as I couldnt read where price was going... News about Fannie and Freddie is already priced into the market and it is not really shocking news. The government had given us plently of warning before they finally decided to save the subprime institutions..

The charts show a double bottom pattern both in price and in stochastics... but this is not a real signal... moving averages are down and candlesticks patterns are dirty.. I did not go long.. Today is a day to stay out of the market..

Posted by Michael Taylor at 5:45 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Market gapped down slightly today and just plunged... It never covered the gap... I waited for my chance.. Moving averages are slanting down and this is the perfect environment to go short...

Stochastics started to turn down and cut the signal line at 12:20..This was coupled with the down turn in Short-term MACD.. I shorted 1 contract at 1813....

Observe the resistance and support line that I have drawn and how price gets kind of sticky around these regions... Short-term MACD and Stochastics started to turn up and I exited my position at 1793 with profits of $400.

Posted by Michael Taylor at 5:35 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Moving averages are slanting down, there might be signals from stochastics and short-term MACD, but candlesticks have short bodies and price range is enclosed in narrow bollinger bands.....

The market doesn't look appealing to me at all..

Posted by Michael Taylor at 7:52 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Price gapped up today only to close the gap and even further..Moving averages are flat.. there is no reason why you should risk your money in trading.. The best way is to stay out of the market...

Short-term MACD and stochastics is not giving any signal as well.

Market has been extremely volatile lately and I have been staying out when I need to. Knowing when not to trade is an important part of trading.

Posted by Michael Taylor at 7:57 PM | Permalink | Comments (0) | TrackBacks (0)