The first trade idea wasn't horrible, the entry was low odds. You look to the left and you see the market environment is a range. Initial breaks out of ranges fail far more often than not, so you want to position in advance of the test of the range extreme(s). You positioned just a few ticks prior to the test of a key range level, so you'd want to see a strong break or just bail quickly because you're not dealing with a high odds breakout like a new high or low in a strong trend. The second trade was high odds because price had trapped some bulls and was now likely to test that previous downside failed breakout off a much lower high, meaning a new low is likely.
LOL, I'm running a few laps behind. Was long about 14 ticks higher for +5 97.40 area was a nice swing test but volume too slow for me to take it.
It ran against me at first, but buyers stepped in solidly at the LTL I had drawn from earlier, so I held it instead of scratching it. I'd like to thank ET for keeping me occupied while price consolidated for ever and a day.
^^^ always good arguments going on to pass a choppy day. Thanks for the review above ND, I took a short trade here, got stopped but its looking like it may work. Short 1 at 97.51 under the 5m 20ema original stop was 10 ticks never got hit. came back and broke the lows..ADDED 1 at 97.49, plenty of chances to kill it with a small loss, but left my stop at .60 which got hit. 2x -10 ticks. Done for today,
You all realize that by 3pm est we will be at 96.75. One more sniff below .40 and I'm dropping the hammer.