Have faith! Sometimes to make the decision for me, I set buy / sell stops. I look at what "swing" would break the trendline on a retest, and then I set a buy stop for one tick above that swing. In this case it was 108.58's.
Also, I didn't mark it, but look at where volume comes in. If volume comes in on the down moves, someone is going long or closing a short. If volume comes in on the up moves, someone is selling.
In case somebody missed it, CME is raising CL margins at the close of today to 7,088/5,250. http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv11-138.pdf Nod is the gift that keeps on giving (for those willing to take the trades, that is). On related (ES) news:
Just an aside. Watched the movie "Inside Job" last night. Highly recommended. Won the Academy Award for Best Documentary this year. About the goings on behind the financial meltdown of 2008 and the continual behind the scenes goings on in the financial industry. http://www.imdb.com/title/tt1645089/
For those of you who have been around for awhile, Joe Battipaglia died. Not sure what happened. http://www.marketwatch.com/story/remembering-joe-battipaglia-rip-1955-2011-2011-04-15