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Here is a price action trade I took late today in CL (oil futures). There was a wide symmetrical triangle formation on the 5-min chart (my intraday trading time frame). I wanted to be positioned in advance of the breakout, noticed a signal that the breakout was likely pending (failure to test...

Mine was 99.55; I notice my charts seem to leave off a tick or so during this volatile price action. I show a high of 99.53 for both the 2:01 and the 1:59 ET bars and figured .55 was a safe bet. It never looked back though, once the entry was confirmed by way of that 1-min chart. I was very...

SIRI has been in a steady uptrend since Feb 2009. There's a short interest of 7%, not super high, but it makes me wonder why anyone would be short a really cheap stock where the risk to the downside is minimal and the potential upside is large? On May 3rd SIRI broke out of consolidation on...

This is how I trade successfully day after day, so I definitely like this thread :) Because I know the instrument I trade quite well, there are times when I'm very comfortable using limit orders at key levels with very small stops and other times when I wait for confirmation off the level...

I rarely post trades, because I rarely have anything open during pit hours besides my charts, but I logged in to this thread to find out why CL stopped trading about 5 seconds after I closed out one of my trades. I thought the short I took @ 99.41 would be worth posting so I could give a real...

I once took .10 on a trade that then ran well over a point without me (this was back in the early fall when a single price swing of a point was rarely seen in CL) because I moved a stop too quickly. I learned my lesson about moving stops too soon that day! The initial target zone on that...

Chicago CTA's advice to study and identify setups where you can safely place 2-3 point stops with ES is wise. If you can't identify setups that allow this, then you need to study chart patterns until you can. Every profitable ES trade I ever had included a stop loss of 3 points or less. Every...

Where's Market Surfer??? Can't say I called that after the fact!

Why O why didn't I just use this target instead of trailing that stop?? ADD: Can I least have the "Call of the Day" award? :p :p

That's what happens when you move a stop to a random number (point looked good to me) instead of continuing to use PA levels :mad:

stp moved to 98.41 ADD: Was taken out as I posted this

stp moved to 99.10

Triangle broke, but the wider range is still in play as support. ADD: Old pivot line trying to hold here too. Stop moved to 99.20

sh .41

Big symmetrical triangle on the 5-min here.

I didn't either, it was looking a bit jumpy around that level even though it was holding up. I'm not too keen on counter-trend trades into the last half hour unless there's a very clean setup.

Sure looks that way. Whaddayathink, 97.50 into the close if it breaks? ADD: It's been a pretty clean range. Wait for each extreme to be tested a few times and assume the risk :eek:

Wow, thanks for that info! I wish I got caught up in the halt, would've had an extra point or so my trade.

The daily chart looks very "short" to me.

If it comes back down to 98.76 from here, it should break to the low, IMHO. Internal DB is in and needs to hold with higher highs and higher lows now. I guess 98.70 zone could hold a third time, which would be a great long signal, but seems doubtful it would.