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Price gapped up, retraced to moving averages and bounced -> $160 profits

5 min Emini Nasdaq 100

Hi,

How is it going lately? Price gapped up today but it did not close the gap ultimately...
There is strong uptrend momentum and I was waiting for a pullback to the moving averages in order to enter...

My chance came when stochastics started to cut up from the oversold region... I entered 1 contract at 1693
Notice that short-term MACD also cut it's signal line shortly... I maintained my position towards the closing bell where I exited at 1701 with profits of $160..

Posted by Michael Taylor on October 6, 2009 5:50 PM |

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