We get above 62.00 and it may run, that was an easy reversal to take at 1500 with only a few ticks to risk.
When I take a trade late in the day I never risk much because there's not enough time to make another trade. Right now if there are enough sellers at the 5 minute upper Bollinger Band to break the 1500 Low by more than 2 ticks I don't want it. But I understand by folks selling it at the upper band as they did, widens the band and if they push it back up there is more room to run to the upside with fewer willing to sell it again.
Break even stop now at 60.50 that covers my commission too, not going to play the cat and mouse game.
Not changing anything, it either hits the target, stops me out me for a break even or I cover just before the close.
Obviously I got the direction of the trend wrong, but at this stage it's not important because of what I discovered between these 2 charts. When the polynomials of these 2 charts are moving in the same direction you have a trend, when they are not the market swings back and forth.
So the challenge is to determine when and what data point(s) do the polynomials begin to move in the same direction and when they do not. Looks as if the polynomials stop moving in the same direction around 1130 or 1200.