[johnjohn1hew]

Took one trade at the breakout of 77.50 and was stopped out break even. This breakout was on little activity so i should have waited for a possible retest. When the retest came, i assumed it was short covering given the substantial increase in volume, so i shorted at 77.75 with my stop above the bar that broke resistance and continually set my stop above resistance points and was eventually stopped out at 75.00 after price had failed to successfully break below 74.00 support.

Now price is just chopping around at the midpoint of the 77.5-74.00 zone. Most likely because it's lunchtime.

[johnjohn1hew]

Right now price is at 1771.00 in-between s/r levels i have marked at 1774.00 and 1768-69. Based on price action, looking at a larger timeframe, i would think that price would continue to decline maybe opening around the 62.00 area tomorrow?

Plan:

I will trade breakout pullbacks with the breakouts being on higher volume (more interest in the direction of the breakout) and the pullback being on lower volume (little interest in the direction opposite of the breakout). My stop will be below the s/r level that price breaks out from. This is what i will trade tomorrow if an opportunity does arise. Until s/r is approached i will stand aside and observe the behavior of the relationship between price and volume.

So, if price nears 68-69 and 62.00 i will more closely observe the price and volume and their on the way to these s/r levels and if a breakout occurs, i will wait for the pullback.

[johnjohn1hew]

At around 10:20-21 there was a breakout, but i missed it and it would have stopped me out anyways. Other than that, the market gave me no opportunities to trade...so i didn't.I noticed that sticking to a planned setup for the trading day rids my trading of directional bias. I have no idea where price is going to go the next trading day, and neither does anyone else. We can guess, but in the end...it's just a guess. I would rather have price do something and then base my trading decision on the behavior of that movement and then look for an opportunity to enter, not try to predict where price is going even before it points the way.