Flat moving averages, price bounced down, stochastics down -> $240 profits
5 min Emini Nasdaq 100
Hi,
Market is at a turning point now... it was still on the normal uptrend, it would have to continue the previous trajectory in a straight line. This tells us the there is higher probablity that price would go down rather than up..
Conclusion would be that we are looking out for more shorting opportunities rather than long opportunities.
I had to wait till almost the closing bell to find an opportunity to short, moving averages are flat there are established resistance points during the earlier morning sessions, this gave me enough confidence to go short
when price turned down together with stochastics.. I shorted 1 contract at 1370 and exited at the end at 1358 with profits of $240.