The chart shows my trades today, almost all with-trend. The green dots are long entries, the red dots are short. They are described in order from left to right.
1) Pullback long @ 89.63, anticipatory trade, assuming support would be established just above the earlier 89.59 resistance. I placed a very tight stop based on .59 holding as support.
2) 2nd LH short @ 89.57
3) Positioned @ 89.30 for breakout of 89.21 low, but my non-survivable stop didn't survive
4) Positioned for breakout again @ 89.33, 1-tick breakout and I'm stopped out b/e
5) Previous trade stopped out b/e by just a tick or two and price action very weak; repositioned for the breakout @ 89.27, and the breakout was solid. I targeted a test of 88.45 which I had noted as a previous support level. Price broke that by a wee bit and I took profit pretty much at target.
6) Standard with-trend pullback entry @ 89.06. This was a 2-leg pullback, very common following a strong move. I almost always wait for a 2nd leg before positioning back into the trend, because sometimes after a strong move the trend reverses.
7) Down trend is disrupted by a higher low, but establishes a strong resistance shelf @ 89.18. I like resistance shelves that have been tested a lot. It means the oversupply at that level should be diminishing . I'm long a break of that R shelf.
8) With-trend pullback entry @ 89.55, b/e trade on no follow thru.
9) That weak break of previous R followed by a slightly lower high sucks me in counter-trend short @ 89.57 and I've pretty much sold the low tick and instead of reversing long at the 3-min pivot, I let it run to full stop and watch closely for a long signal where trapped shorts (such as myself) who didn't exit will start crying uncle.
10) The break that stopped me out is weak, unable to run to next R in line (89.89), BUT the weak breakout level of 89.79 is quickly retested and pulls back again. Buyers step in at previous 89.70 resistance, so I take the shelf break @ 89.80 for a solid run.
11) Price pulls back, forming a bull flag, and I trail my way into the pullback long entry @ 90.06, targeting a breakout of the HOD. My first 1-pointer.
12) By this time I realize I not only left some $ on the table by not targeting a full measured move, but also there's a 91.80 R level now in play. I take a pullback long @ 91.53 off a smaller time frame and scalp a very quick .20 on the break through 91.60.
13) A wide flag forms, and I get long again at about the same price as before, targeting a break through that 91.80 that sold off to the tick, and take another .20 when the break thru 91.80 is weak, but no sooner am I out, the thing keeps running without me.
(from 87.50)
We're all learning, eh?