The pull back to the 12,545 range would have signaled the entry. It actually would have been 12,546 on the cash but the real concern is with the future and that would have 12,572
The sad thing is had I taken the trade. Its already at 620 before the open. I think its likely during the session and 80 pt objective from 575 will be hit. But would of, could of, should of don't exist and the rules are the rules.
You must give benefit of the doubt to the most recent break. And then really watch your volumes at the point of the previous break out.
On yesterdays setup you broke to the downside at 562. Then after that you broke upside 546. The most recent break is of 546. You trade the long side upon a satisfactory retest of 546. You are Johnny on the spot the moment price hits 562 seeing if bears are going to make a stand at that level. If not stay on the bull side or exit there
when did you draw the 546 blue line and why was it a significant point at the time that you drew it??
see the chart titled 12.2.2007 posted yesterday. The 546 line is right there. Its important becasue you broke with price spread, with voulume, and retested with weak volume.