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I thought highly enough of this setup to have traded it myself and here's why I went long there (88.08 to be exact) yesterday: Overnight and into the NYMEX open CL was in a deep down trend with a significant measured move out of the NYMEX open. The pullback from the measured move was followed...

Calling it a day, trade well!

Scratched. Peeved I was one-ticked out of the earlier short.

sh .41 for the break

Out

Shorted .55 and stop to b/e right out of the gate, damn!

On a day that didn't look like this POS action, I'd be ready to long 86.62, but this is a mess.

My broken crystal ball says that if this thing can't stage a decent rally off that fbo and it comes back to test it, that could be the real deal.

Hey, it wasn't a "wrong price" at all and I think it was worth it, IMHO; you never know when you're going to catch one of those 100-tickers. I've seen them come out of the worst midday mush, too.

Ha ha! When a level is as key as that 86.30 was, being on the long term daily TL, there's a pretty good chance of a failed b/o, so I position myself ahead of the break, and moved my stop to +1 tick as soon as it broke. If I was quick enough, I'd have doubled my stop, but alas, I missed that...

And out for the tick and the win! :p Couldn't post as fast as that happened... ADD: That, my friends was a classic stop run, with buyers just waiting for the bargain.

sh .40 for the break

Agreed, I don't mind positioning myself in a range, but I'm a lot less forgiving with stops and exits than in a good trend (and this can be for better and for worse...)

It's not so bad in a trend, but over a flat MA it's not easy, as I'm looking for some momentum on the move to break the range. Oh and one of my other rules is not to trade a flat 20 MA.

That was a demonstration of awesome patience, ha! BTW one of my rules is not to move stop till 10 ticks in my favor. I have to go sit in the the corner now :eek:

Scratched, uuugghhh

Screw patience, I'm long .64, 10-tick stop

Bottom's in, buy buy buy! (But keep that sell stop @ .29) :D

Yes and I have a way to escape it: 6E

And I have left you for a massive tick of profit on that one. Wish I had 20-tick hard target in :mad: