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Unless a great many traders trading a great many contracts/shares have drawn exactly the same line that you have, no. Potential S at 68, then 67, then 66.

I wasn't referring to levels so much as the entire zone. But, yes, that's a pretty wide stop.

Tried. Didn't get filled . . . At least I know the S/R levels I'm looking at are important somewhere outside my head.

Given all the R you're facing, you'll have to maintain a fairly wide stop.

However, that's a hindsight wish. I exited because price couldn't break past 82.5 and because the TICKQ was falling rapidly, all of which took place within the first five minutes. Given the weakness at the time, you could just as easily have been SO.

Did the same with the NQ, entering at 79. Same equivalent result (2.5 pts).

I don't know that a checklist will enable you to develop a feeling for S/R, but consider that if price rams a certain level for eleven minutes, the final break just might get you at least to breakeven.

What was your first trade?

Well, that was easy enough :)

If trading only one contract, yes. But a breakout strategy with a near-target that trades only one contract will be extremely inefficient. Recalculate your figures using five contracts. The profit:loss result is only one aspect. Among others is the win:lose result. As to the results of the...

Well, I wouldn't call it chance. All the bars you looked at are contained within the daily bar. It's all part of the whole.

It needn't be that way. For example, your entry trigger on Thursday was 68. If you consider this in the context of the chart I posted (the SPX, like the NYSE, is also similar), your entry trigger is the same as it would be for someone trading swings on the daily chart. This should provide extra...

I mentioned some posts back that I prefer to look at data rather than indicators to get some idea of where we are and where turning points are likely to be. Below is a chart of the Naz that will illustrate some of what I'm talking about. I understand that this may have nothing to do with the...

Fair enough :)

So the price was not sufficiently below 76/77 for you to feel comfortable taking the trade? Don't mean to press. Just trying to understand your process.

So you prefer not to trade news?

I seem to have phrased the question badly. What I was wondering was why you chose 82 as the R level to focus on to begin with rather than 76.

What was your reasoning for not taking the break through the 76 area, given the strength of the R there?

While it may be none of my business to say so, there is a not inconsiderable amount of luck involved in these little thrusts and shakeouts that one should not take too seriously. To do so may result in wandering off the path onto a detour that will lead nowhere.

Seriously doubt I'll be trading. We'll see.