Hammer Candlestick, Double Bottom, MACD up, Stochastics up, Employement report --> $940 profits

5 minutes Nasdaq Emini CandleStick Chart Hi, How's it going? I hope you captured this trade. This is a god send! Even from a fundamentals perspective, market sentiments are good. Better than expected payroll numbers is definitely good for stocks in a time when we are worried about a soft landing... You can read more about the fundamentals below: Do note that, no matter how good the fundamentals, it will not affect my decision to enter or exit a trade. Fundamentals are good only for gauging the overall market sentiments... it is not a parameter for trading.... For today's trade, you can see that I circled a hammer candlestick in the context of a double bottom, this is good enough a signal for entry. This is a strong reversal signal.... Stochastics and MACD also further confirmed by having sharp upturns... I longed 1 contract at 1775 at 10:25 and another 2 contracts at 10:50 at 1779 when the MId-term MACD crossed its moving average further confirming the uptrend.. My profit target? Naturally it is at 1800.. this is a psychological resistance line and a strong one at that. .. At 11:30, my profit target was hit and I am out with $940 profits... You can see how price went down immediately after hitting 1800... Lesson ? --> Don't be too greedy. Fundamental news from Briefing.com: November payrolls increased 132,000. This was higher than the expected 100,000 gain. There was also a net upward revision of 42,000 to the two prior months. This leaves that level of payrolls 74,000 above what had been expected. The average monthly gain over the past three months is 138,000. That doesn't qualify as a boom, but it isn't exactly a recession either. Payrolls are growing at a steady 1% to 1 1/4% annual rate. That will keep consumer spending rising at a decent clip, especially as there is also moderate wage growth. Hourly earnings for November were up 0.2%. This is less than the expected 0.3% and follows a 0.4% October increase. The year-over-year increase is now 4.1%. This is not too hot to cause significant inflationary pressures, and not so cold as to restrain consumer spending.
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