The Trouble With Scribbles

What you drew is relevant only for that segment for which you drew it. Once price broke above 4400, it was no longer pertinent.

 

Ok, thanks. I'm just trying to map.

 

I'm going to assume that this individual has two accounts and is short in one and long in the other (note the "buy" notation after 0945). It is otherwise not possible to be both short and long the same instrument at the same time.

 

If I were already in a position on what looks to be a trend day I will use a SIFI stop loss. But I don't typically use SIFI entry orders. Today was day on which patience (or a nimble range scalper) was rewarded.

 

Buy1Sell2 will be by to thank you for acknowledging his efforts sometime around midnight tonight.

This thread is getting a bit long. Anyone care to ask Buy1Sell2 to shut this one down and he can open "The Trouble with Scribbles II"? I'd ask him myself, but I think he might have me on ignore

 

I don't know that I'd call it a scalp. It's worth 14pts so far.

 

I closed my journals when they went past a thousand. A thousand is just bedtime reading.

Now if you want too long . . .

 

I was referring to the 398ish to 411ish range prior to the breakout.

 

Looks like a 16pt move up total.

 

Find the range, and then think breakouts, reversal, retracements. The tests (yellow circles) of the range limits should be of interest to the "definition of a breakout" crew. Price at each of the yellow circles "broke out" of the range limited by the pivot points (arrows), but only the fourth became a breakout signal, imo. Some may have traded all four as breakouts. Others only the fourth. This is what is meant when one says that each individual trader must define for him or herself what a breakout is for the instrument traded and then create the trading plan that tells one ahead of time under what conditions a breakout becomes a signal to act and under which conditions it signals nothing, or, when they signal a trade opposite the breakout, aka a reversal.

Now, if you have to ask "why would you trade the 4th BO as a BO but not the 1st or 2nd or 3rd?" then you need to look at each very carefully and identify what price did at the 4th that makes it different from the first 3.