Quote from tzachi:
NoDoji,
What made you open and close this trade @ the times posted?
7:27 bot 90.19
7:48 sld 90.56
I just addressed this particular trade in another thread, so here's my cut-and-paste answer:
Before I trade each morning, I note S/R pivots in time frames larger than mine, specifically the 60-min and 1-day levels. CL found support Friday @ 90.10, and barely bounced. I took a quick look at the daily chart and saw that 90.10 was right on the rising 20-day MA. If it broke on the retest, decent continuation move down was likely; if it found support at, just below, or just above it, decent move up was likely as swing longs would initiate or add to positions. My 90.15 short was scratched when 90.10 held up for a double bottom following the strong downtrend on the 5-min chart, and I was long 90.19. My long was an early reversal counter-trend trade in the 5-min time frame, but a perfect with-trend pullback entry on the daily.
Why I took it off @ 90.56: My initial target on the trade was 20 ticks (that's my minimum profit target and a standard target for me on counter-trend trades). 90.39 was a previous resistance level, followed by 90.50 and 90.64 (off the 5-min chart). When price got to 90.38 and hardly pulled back before coming back at it, I decided to target 90.50. When price broke 90.50 and moved barely a tick, I decided to target 90.64, but since we were approaching a 50% retracement of the entire overnight down trend (which can be rather formidable resistance on a counter-trend move), I then started trailing my stop 1 tick below the 1-min bars, and was stopped out @ 90.56.
Quote from jl1575:
I wonder if these entries were from your lukewarm set up or your optimal set up? If you didn't exit b/e, would they go in the direction you expected?
These 90.49 shorts were 5-min chart near-term counter-trend plays, but quite feasible with-trend plays off a failure to retrace more than 45% of the move from the overnight high to the pre-market double bottom. If price had broken through 90.64, I'd likely not have tried shorting, but since it didn't make it there, I worked the short side a few times. My first 3 attempts to short @ 90.49, if left on, would've hit the stop loss. My 4th try I waited for additional confirmation (break through previous pivot support), and that one also would've hit the stop loss if left on.
If I placed a full 15-tick stop (my stop was 12 ticks based on previous R) and a 20-tick hard target on the initial short trade @ 90.49 and didn't move either one of them, my 20-tick target would've been filled 1 tick from that last pivot low before price went on an upward roll for the rest of the day. I was actually targeting a retest of the LOD on these trades, though, not 20 ticks, because of the initial resistance and then confirmed resistance near the 50% retrace level.
Later I played more longs, but the day's price action was overall pretty ugly, what I would call a weak up trend with a lot of wide ranging moves in between.
