Are you using the 11:00 am (eastern time) high (1364.00), as your support point, prior to the breakout. Then after the breakout you're looking for a pullback to this point (now support) and have a resting limit order for 1363.75? Great job by the way!
Wow, sellers dumped there big time. Still i see some opportunity here: long at 60. Very risky as I'm sure sellers will be coming in again at 63. Still this trade provides great risk:reward. Has to break 63 or may flip short.
Well a range expansion like that will often retrace back to some strong support. Look at the 15min chart you will see 63 was great support. I often wait to see how price and the tape read before i enter. I rarely have a limit order resting on a fast market. I jumped in as soon as i saw indication of buying at that level. Offers great chance to get in on move with tight stop. It was not to be this time but trading is all about probabilities.
I got long here at 60 because i have seen this type of action before. Even though sellers push it down big time, if buyers can step in without more sellers getting (bears need more momentum to keep on pushing down) on board then we usually end up taking a shot at the high of day. I got in at 60 because the 1min uptrendline held and i saw buyers step in at that 58 level. I was a little slow with my entry, tried getting in at 59 but missed me and i was filled at 60. Again its all probabilities so as long as your risk:reward and money management is good the rest will take care of itself Starting to trail this.
Can you say whipsaw? This market looks like it is being propped up, and no I am not a conspiracy theorist.
Damn a couple of points away from my target. Ah well, i just want a piece of the pie not the whole pie. Trail took me out at 63 for +3.
Im leaning long again at 65.50. Want a triangle break to the upside. Again its just probabilities with tight R:R.
Im gettin more bullish if we can breakout of this 71-72 today or gap-up overnight. Value is getting dragged higher here and we did bounced nicely of the 46 zone - usually means some follow through next few days. Im longer term very much a Bear until we can break the daily downtrend. However, i see some opportunity here that might take us back to 1430. Interesting days to follow i hope.