CL Redux

brian, if you are going counter trend, you need to admit defeat quickly if the price goes against you. Same if you are going with the trend on a pullback. That's the whole point of going on a pullback, small risk.

i did a token amount , long 9450, out 9480, wish i had kept it grrr
 
Quote from Visaria:

brian, if you are going counter trend, you need to admit defeat quickly if the price goes against you. Same if you are going with the trend on a pullback. That's the whole point of going on a pullback, small risk.
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I agree, that's why I keep my risk very small (15t or less). Price came up off a HL during 10:45 ET bar, downtrend might be turning, wait for test of 94.51 to determine if range, resumption of downtrend, or new trend looking for possible test of opening high. The 11:00am ET bar is strong bull and closes above 5-min 20EMA, confirms new trend for me as an intraday scalper, so I'm only looking for longs at that point.
 
Pre market lower trend line S just became R @ 95.16, but the strength of the move up indicates to me that the opening high is likely to be tested at some point today.
 
Why do I watch these price levels?

Because I want to know how much airspace below if I trade counter-trend (not worth it here for me), and I want to know where to begin watching for the next long entry setup.
 
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