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When a breakout fails, the counter-trend traders feel as if there's now a price ceiling that makes their counter-trend trade safe. So if a stock hits a new high of 50.00/share, pulls back to a trend line, comes back up for a retest of 50.00 and then either fails to make a new high or breaks out...

OK, Picaso, I am massively impressed and I humbly hand you my RQPA crown. Modified of course to be your RKPA crown. You're a guy, right? :p

That's my strategy, too! IB warns me a lot that I can't have that damn December oil delivered!

The Dec contract, 1:55pm ET bar low is 80.75, short the break of that low and ride it all the way down. Or you could've played the break of the LOD, too. So I missed that nice 60-tick final push, but I went long @ 80.19 for the short covering bounce and that worked nicely.

I didn't trade this last short signal @ 80.74 because I thought it was too low to short. OMG! ADD: That would be the Dec contract, BTW

If I'm not mistaken, the analysts were touting $90-$100 oil last week. Those wily analysts, sure know how to call major pivot points!

So do shorts. :D

The action leading into the NYMEX open was poor for survivable tight stops on the 5-min charts. If the bars are too wide for your comfort, drill down to the 1-min chart and look for failed tests of pullback highs. An example is the pullback during the 10:00am - 10:20am ET frame. Price hits...

To enter with a trend, look for a pullback in the trend that finds support or resistance at a lower high (downtrend) or higher low (uptrend). The way you know price has established S/R on a pullback is when a previous bar's high/low in your time frame is broken. If price bars in your time frame...

Are any of long-only traders here buying this dip? (candles, brianharvey, airwaves) Or do you wait for uptrend to be re-established?

It was not one of those quick easy days with big fast moves. I worked the channels through the day, from 10am to 2pm, and did some sim trading in between trying a few alternate channel trading tactics. I did better in sim because I'd placed a limit order, totally forgot about it while trading...

You betcha. I played no breakouts today, though 84.71 was quite tempting a little while ago.

Look at the trail on the 85.06 short. Lock it in @ 84.66? I would've!

Friday's RTH range was over 2 pts and I extract 64 ticks. Today's RTH range was less than 70 ticks and I extract 76 ticks. My trading theme song: http://www.youtube.com/watch?v=K_YK7ebcZ2o Home, home on the range Where the bulls and the bears like to play Where channel lines hold...

Gov, looks like support held where support was supposed to hold. Make some money! :)

I'd be careful on a dip below Friday's support. 1193 was the 20-day moving average. That was the sweet spot for trend followers to add to or initiate a long position. If it dips back down there and breaks out, that could indicate a trend reversal. Price hasn't closed below that line since 8/31.

Ain't that the truth. And I also wish I could get half the money I would've made reversing my position at the point I decided to throw in an absolute disaster stop, and placing a limit order to take my profits at that price.

I've never had a large intraday loss, but I've had bad losses by allowing day trades to become swing trades because I had no plan and wasn't willing to take the small loss. AAPL on the daily chart was in the process of pulling back from an approximate double top after a huge run up. Pullbacks...

Finally caught up on the earlier posts here. My call for a pullback to 84.97 was supposed to take a few days. If you told me it would happen the next day I'd have thought you were nuts....wait a minute this is CL. Never mind. :p Here's my "crystal ball" for that call. I noticed on the long...

Noooooo!!! I love it, Bob, you are too funny :D Hope you enjoyed a nice cigar and brewskie after your fine week!