How did you decide to cover the remainder at 76.20? Was this based on 5 min or 3 min chart? How did you know it was going to pivot before it ran back to the 30's?
I wanted a breakdown of 75.95, but buyers came in solid off 76.12 and I instinctively bailed, there was no thinking involved at all because I was in an ES position at the same time, had taken off 2 of that just a minute earlier and had 3 remaining that were now breaking down the RTH low and I wanted to move my stop in very tight on that trade in case the b/o failed, which it did and the tight stop got me out of that trade 3 ticks from the pivot low. I believe that breakouts should have quick follow through and if they don't, I exit quickly. Good breakouts don't diddle around. If a breakout diddles around without follow through I start looking for a reversal. Look at Schiz' long trade @ 76.71, that was a breakout. Once .71 was breached it went straight into the .90's, paused for a shallow breath and continued trending its way up to 77.45. None of that diddling crap! When I saw my remaining ES position breaking down the low, I confess that I was having bear porn dreams of Thursday's selloff; however, being a very practical person my stop went straight to 1145.00 in case of failure Schiz, you took off some CL @ 76.20 around the same time I did. Was there a particular reason you chose .20?
whereas you were looking for a breakdown, I was looking for a pullback down to 76 (where the trendline is from Thursday's low). It didn't even come down to 76 and I knew the trannies were agitated to move this market back up.
Schiz, if you're awake, tell me if your QuoteTracker is working. Mine stopped updating and I'm trading off nothing but the DOM price action, long @ .52 and I'm bailing here if it doesn't take off.
Haha no its because I am long euro and it is very close to my stop. I figure a run up in oil would help my cause