[thalestrader]

Originally Posted by thalestrader »

If the rally attempt fizzles out and we get a retest of the lows, 896.25-896.75 would be an area to wacth for a potenital double bottom.

I am not calling this a double bottom (though it may be), but I do want to point out how price came down into the 896.25-.75 (represented o the chart by the rectangle) and immdeiately found (at least momentary support). In fact, if I needed the money, I could justify taking profits right here (let's call it 897.75). Of course, the fact that that level was drawn on the chart 25 minutes prior to price reaching it would have given anyone more than enough time to have a limit order at 896.75 or 896.50 which would have easily been filled, and a rsting order at 896.25 that had been there for 25 minutes may also have had a shot at getting filled. All this by way of using price to anticipate its immediate future course, and not relying on magical mystical machinations to divine the future.

Certainly a stop on the remaining position at 901 is currently warranted. This would result in +2.5 points on 1/2 and +1.75 points on the second half for an average profit of 2 1/8 points/contract traded.

Stop loss is now 901.

[thalestrader]

If this rally attempt also fizzles, and if price makes a lower low, 895.50-896 (represented by the second smaller rectangle drawn on the attached chart) would be the next minor support area from which another bottom attempt may launch (or not).

A decisive break of 895.50 should clear the way to a test of the 3.25 point range betwen 891.25-894.50

[thalestrader]

Stop on last 1/2 is 899.25

This would result in: +2.5 points on half and +3.25 on 1/2 for an average profit of of 2 5/8 points per contract traded (not including commish).

[thalestrader]

Originally Posted by thalestrader »

Stop on last 1/2 is 899.25

This would result in: +2.5 points on half and +3.25 on 1/2 for an average profit of of 2 5/8 points per contract traded (not including commish).

Price struck within a tick of the 99quarter stop - still short and stop is still 899.25

[thalestrader]

Trading is about making decisions as to how and when to bet on where price is going. All you need to make those decisions is right here on the chart. In other words, let price, the very thing about which you are betting, tell you what you should do.

[thalestrader]

I'm going outside for a while, so I have the positon bracketed with oco 899.25stop and 891.75 limit. I'll check in a bit later.

[thalestrader]

Originally Posted by thalestrader »

A decisive break of 895.50 should clear the way to a test of the 3.25 point range betwen 891.25-894.50

This thing is starting to feel like a long term investment for me here.

With the break lower, my stop is lowered to 896.50, and my limit is still 891.75

[thalestrader]

Originally Posted by thalestrader »

This thing is starting to feel like a long term investment for me here.

With the break lower, my stop is lowered to 896.50, and my limit is still 891.75

Stop lowered to 95.50