BCE, just because I've had several trades run nicely to target doesn't mean I'm not a damned nervous trader lately, especially when I'm shorting. I'm moving my stops to lock in 20 ticks a LOT on short trades in case the next level to break is nearby and it fails to break. That's like an immediate bull feeding frenzy signal. Lately it seems you can just place a 20 tick target on any trade and be out with the loot less than a minute later. Do I have a problem with that? No. Do I often do that? Yes But a lot of these with-trend setups seem to run farther than you ever imagine, so I do my best to be more patient on the with-trend side. I mean, I would NEVER take off a long trade just as price was breaking out
In case you forgot, there's already a thread named just that. http://www.elitetrader.com/vb/showthread.php?threadid=188105&perpage=6&pagenumber=1
White House considers tapping oil reserves 9:28am EST WASHINGTON, March 6 (Reuters) - White House Chief of Staff Bill Daley said on Sunday the Obama administration is considering tapping into the U.S. strategic oil reserve as one way to help ease soaring oil prices. Speaking on NBC television's "Meet the Press," Daley said: "We are looking at the options. The issue of the reserves is one we are considering. ... All matters have to be on the table." There has been support among Senate Democrats for tapping the reserves. Senator Jay Rockefeller on Thursday became the third Democrat to ask President Barack Obama to tap America's emergency oil supply to cool prices that have risen past $100 a barrel on the strife in Libya. In a letter to Obama, Rockefeller said a "limited draw-down" from the nation's 727-million-barrel Strategic Petroleum Reserve "can protect our national security by preventing or reducing the adverse impact of an oil shortage." On Wednesday, U.S. Energy Secretary Steven Chu ruled out releasing oil from the reserve, saying ramped up oil production in Saudi Arabia should lower the crude price. "That's going to mitigate the price increase," he told reporters on Wednesday. "We're hoping market forces will take care of this." Treasury Secretary Timothy Geithner said on Thursday the United States and other major economies could tap strategic reserves to keep oil prices from derailing a global recovery. Geithner said high food and oil prices were causing hardships in many parts of the world. But he said Americans were feeling less impact. (Reporting by Jackie Frank; Editing by Eric Beech)
True about patience, but also true about all the backfilling the last couple of days. Especially yesterday. True confession - The reason I exited my long just as it broke out was I was thinking, "Hey, BCE why are you being so greedy? Share the wealth with those less fortunate who may have just entered their position where you can now exit." What a kind and thoughtful person that BCE is.
really hard to read those multi year charts but the ledge above is 106.20 appx so 1 pt stop, the cleavage below is appx 102.9,if the charts were easier to read, that would be the target
The price action's been very clean tonight playing swings on the 5-min chart (previous bar breaks and with-trend holds inside containment bars). I like your entry, Ammo. Would you consider a b/e stop and a re-entry short on a failure to test, or a failed breakout? EDIT: Bulls are still hungry, it seems.