doesnt matters i just got out....had an awesome day today I will short again from 8800 if that rate ever comes back today one q.....why are u looking at 1 hour charts if u r daytrading? EDIT: I mite also think about buying at 8630-40
Because if you take your signals from longer term charts & happen to be at turning point off shorter term charts then potential reward is a lot larger than risk, also momentum is of an essense to me.
It's not about being certain ImO, it's about seeing a proven set-up and going for it, I always enter off 1 min chart as a trigger, so stops can be smaller that way. Also I scale out of positions almost 100% of the time. pulled a stop at -.30c price action all fucked up at the moment ImO, need a clearer set-up to re-enter
I suggest a short from 8750 or if u want to be safe then 8790. Just an advice rest is on you as far as tommorow is concerned, market should post a high of around 8800 in GLOBEX or NYMEX after which is should fall to 8610-8630. I would post exact targets in about 12 hours
I still see a potential for a BO today <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1782388>
Went Long 87.20 off 5 min chart, banking on BO off hourly+, 20c+ stop on this one Clearly I am in minority here at 6/1 ratio
Ill be trading the market today with an unbiased opinion and will be looking 10-20 cents trade. I also believe that market will rebound to 8800-8830 but Ill not bet on the bigger move ur stop is quite tight IMO