CL Redux

see if i can give some back
short 82.80
20 c stop

 

I'm curious why you use such a wide stop when trading counter-trend? I personally place my stop right on the previous high; anything higher signifies a breakout and CL can break out 20 ticks or more in a few seconds.

EDIT: Actually, I can sort of see why, this far along in the intraday trend, breakouts often fail.

 

why is this trade 'counter trend' out of interest?
I'd say the trends been down for the last few days?
cheers

 

Intraday it's counter-trend, and on the daily chart it's oversold and could easily test the 20-bar MA on the daily chart which would take us to 84.00. Price double bottomed in the wee hours and has been rising above the rising 20 MA on the 5-min chart ever since, so I consider the intraday trend up.

 

Overnight low was 38% area of Feb 5th lows and I wish I had been awake!

 

long .65, .10 stop target 83+

 

Intraday reversal signaled: failed breakout followed by a lower high.

 

Cool. Thanks.
Im just trying to learn, posting my trades for fun.

 

Me too, and I'm posting my trades so if I ever start averaging down ya'll can kick my ass.

 

exit .81 a little worried about restistance here at the open print.