Okay, let's crank up another great week in here. The market action should be awesome again, I suspect.

I did hit it, but then it hit .886 at 156.04 at the bottom and reversed, so I bailed

Originally posted by jimkane

So, rat, did you hit this, and then take it off as a 'scalp' when it started to bottom? How did you handle this one? Thanks.

Originally posted by rat89

to the penny??

Click image for original size

You're welcome. That's what I'm here for.

Originally posted by MarcinO

Thanks for the two last posts, Jim

Thanks, rat. That kind of information is useful to me, and the forum. To see how others manage trades like this. It's easy to manage a trade that goes right to 'target' (I don't use 'targets' at all, but I'll use the word here so others can follow along), but what are the options if it doesn't? That's very useful, helpful information for the readers, I think. The more of it we see, the better.

Originally posted by rat89

I did hit it, but then it hit .886 at 156.04 at the bottom and reversed, so I bailed

Originally posted by jimkane

So, rat, did you hit this, and then take it off as a 'scalp' when it started to bottom? How did you handle this one? Thanks.

Originally posted by rat89

to the penny??

Click image for original size

BTW, this is way after the fact, so take it for what's it's worth, but I did think, for the very experienced countertrend trader, that stop run at the HOD and rollover was worth a shot, for the nimble. It would now be in 'management mode', waiting to see if they are bringing it in for better prices again, or if it will do a bigger drop than that. Heck, it may be done right here. Anyway, in the interest of trying to understand how I view things, I thought I'd point out where I stand.

No complaints on the level of this downside, even if it ends shortly.

All right, watch closely here...

Moving up off that area. It was a perfect price and time balance there. Everything hit in one precise spot, with the time factor, it went right there, and reacted. Now all I can do is wait and see if the short side is played out or if it will be a bounce and roll. There is a good teaching moment based on this, and if I get the motivation I'll write it up later.

It seems the perfect price and time balance was too much for it. This is not the teaching point I mentioned earlier, that will have to wait until tomorrow. I just wanted to show what happened there. You really should do the work to see why I had this spot.

Originally posted by jimkane

Moving up off that area. It was a perfect price and time balance there. Everything hit in one precise spot, with the time factor, it went right there, and reacted...

Chart created on QCharts, courtesy eSignal

And yes, it could fail at this 67-68 area, and yes, I am watching for that in case.

Will they drop it just to get better prices just before US opening?

I was going to ask you, roofer, if you caught that gold move, and I decided to look back again at your posts, and I see you caught it via the GDX, and the oil move, too. Nice. Wait a minute, I just realized, what's the point of this post? Hmmm, I guess there is none? At least it will up my post count by one.