a couple of observations: In crude or nat gas, if you wait on a level you really want and are looking for some sort of confirmation (like a double top or a technical failure) before you decide to go ahead and swing into action, then you are going to swing and miss almost every time - or, you're only going to get onesies and twosies off. In energy, if you want to do any sort of reasonable size, you have scaled resting orders that get hit or lifted and then you sit and take the pain. Energy is all about pain tolerance. Also, you need to be able to give up 5 or 10 cents to get into the market if it's a level you really, really like. On ICE, look at the block trades. Guys are giving up 25 or 50 cents to get a ridiculous package done - and, rest assured, they get them. I have always been amused by the amateur hedge funds that go to market for a buck on Nymex-Globex to get a thousand off (funny, I haven't seen that since last year). Size goes to ICE. The biggest point to consider is the amount of implied exchange-supported spread order pricing and automated iceberg orders injected into the electronic markets. That's why on TT it may show only a five-up market two tics wide, and you see it trade back and forth a bit, and you look at your volume display column on the right hand side and you add up 2500 more contracts in the three or four price tics. Even if you allow TT's implied pricing on the display settings it will not account for it all. So, pick your level and wear 'em.