Too far down to be a stop hunt now Consider if reversing continually and never the wrong way around more opportunities can be exploited.
Started going long @ 98.80, traded the move up in 4 segments, was stopped out b/e to the exact tick on segment 3, netted 62 ticks, would've been 82 w/o my b/e stop rule. Classic "Brooks" PA during that run up.
Good trading. I called only the main or "macro" legs here on ET today. In addition there are "micro" signals which are too quick to call. Your 98.80 long pre-open was a micro trade, then a micro reversal into lows just ahead of the 09.00 open. The main legs account for 237 cents from a 120 cent H-L range. In addition, further points can be extracted by micro trading the whole session. I would suggest that traders first concentrate on getting the main leg of the day, then the additional macro legs. Micro trading can come later applying the same principles with some extra refinements.
Today was quite routine. I posted all but a few of these real time on ET today. These are the slower "macro" legs 30 points or more. One trade which was reversed with a 5 tick loss. Over 230 points from a 120 point range. Add in several more profits in the 10-20 cent range if you micro trade the whole session. Using $10k margin per contract, it is possible to compound up at quite a decent rate, regardless of daily ranges. With wild 3-5 dollar range days it is advisable to adjust position size accordingly, first for risk management and secondly, at certain levels due to liquidity considerations on faster movements. Lets imagine the possible scenario that we reduce in the oil market from the 1-2.5 ranges common in the last few years (and the wild 3-6 ranges common in 2008) to the 80-100 cent days common prior 2006. You simply continue scooping out 1-3x the HL difference depending on your abilities. There are also liquid index and currency markets which can be used. Short answer: traders who have done the work can trade most any market in any condition. Those who guess at it do terribly when the ranges contract and their late entries do not "follow through" enough to account for their inaccuracy.