Thanks P--
Yes quite easy in hindsight. The thing is, we never know how far the pullback will be. Top of the consolidation was 10.75, low was 09. Only 7 ticks, but in a day whose range is about 40 ticks and where the target is only 24 or so ticks higher, that's a significant risk IMO. I suppose at the end of the day though, we simply must take risks where our probabilities of a successful trade are higher than random. Typically I can get a clue from volume as to what's up, but so quiet today that the volume is not speaking to me very much, or if it is, I can't hear it. (it did let out a loud shout at 1:56pm, but very mouse-like otherwise).
EDIT: the thing is, to know when the long trade (in this case) would have been violated. I wanted in at 07.50, and decided that I would not risk more than 06.50 to find out. If bulls are strong enough (which they don't seem to be very much today granted), then after the move up and consolidation, I guess we can expect that it won't pull back all the way to 09, but rather that buyers will be eager to buy it nearer the top, nearer 11, which they did.
Yes quite easy in hindsight. The thing is, we never know how far the pullback will be. Top of the consolidation was 10.75, low was 09. Only 7 ticks, but in a day whose range is about 40 ticks and where the target is only 24 or so ticks higher, that's a significant risk IMO. I suppose at the end of the day though, we simply must take risks where our probabilities of a successful trade are higher than random. Typically I can get a clue from volume as to what's up, but so quiet today that the volume is not speaking to me very much, or if it is, I can't hear it. (it did let out a loud shout at 1:56pm, but very mouse-like otherwise).
EDIT: the thing is, to know when the long trade (in this case) would have been violated. I wanted in at 07.50, and decided that I would not risk more than 06.50 to find out. If bulls are strong enough (which they don't seem to be very much today granted), then after the move up and consolidation, I guess we can expect that it won't pull back all the way to 09, but rather that buyers will be eager to buy it nearer the top, nearer 11, which they did.
