Very limited trading time for me today, had half hour near the open and about an hour a little while ago. Before I take off again, I have to post my blotter as both a cautionary tale and also as a milestone for me in letting a winner run. Notice how I tried top picking early on, fighting the trend and instead of being merciless in my stops on counter-trend trades, I gave them room and chalked up quite a loss. I don't know how I can trade so well for days and then do this crap. Anyway, got back from my appt, saw a decent resistance level and reversal signal comparing the 11:10am bar and the 11:3am bar (ET, my time is 3 hours earlier), and internal double top seemed to be forming there, and I took the bait because we already had 5 shallow pushes up. My target was 84.83. Here's the good part, price pushed to previous support @ 85.02, found support there (11:55am bar). I stayed the course as long as price did not break back up through the now-flat 20 EMA. I was tempted to exit at least 4 times on that retrace, but sat on my hands. Price tested .02 again, tried to find support there and looked weak this time. Sure enough it dropped, tested the .97 support, fell further, stalled at .84 and I was out of there @ .87 for full 40 ticks. I need to plaster my rules on my wall about proper counter-trend trading techniques so I don't throw money out the window like I did earlier. Gotta another appt to go to and won't be back till after the NYMEX close. Good trading to all!
closed one at .94 was away from my desk and missed the better exit point...maybe a little more downside moved stop to B/E for the other