That's what I was thinking as I was putting my retro together last night... if we get back to ~92 and reverse I'll say we have range. If we get back much past 85, I'm bailing on my paper trade.
Yep, might do a long after a pullback in this new high over the previous swing. Nah, no long here... we stopped cold just short of 1390 again. SIM account P&L (~12.00 pts)
1385 as an R played out very well, - how did you come to that number? I see mid-point of range projection or top of yesterday's range. 15 Minute had a gravestone doji at the reversal point, add to evidence. 82-83 to 92-3 for me.
1385 was just the point at which I entered and decided to bail because I felt if price dropped and then came back up to that level the trade would be invalidated. If you look at the chart I posted when I took the trade, a bear TL break occured circa 1385, which is good cause for an invalidated trade. From what I've studied about chart patterns, if the trade is good you won't take heat much or at all. I really could have gotten out for break even on this one, however I'm trading with delayed quotes/charts. In hindsight I took a short into some good support levels. Like we said before, as I set up all the retro S/R levels last night and saw how close they were to each other (see the tick chart I posted before), I had an inkling we would just bounce around inside these levels today.
Thanks. Chop mode now. I am looking for failure here, if we can revisit 82-83 to then play that range for double bott or higher low off that.
Today's replay.... Early morning short was OK, but the meat and potatoes came later. I was gone for the strong bull trend move, but I probably wouldn't have felt comfortable taking this trade. Looks like the duration of the moves would have given us a good hint as to the action that was to unfold. Remember, TRAP and PMT are all we have to guide us in the future. Today I neglected Macro, Time and Momentum!