cowpip

The nasty thing about this is that it's going to end in a week-long consolidation from hell.

What in heavens name was so bloody bearish about the BoE's inflation report? I don't see it! Certainly nothing justifying a 200 pip drop in cable and a corresponding free-fall in GJ! The market is in a "let's fall and see if the firemen can catch us" mode.

I was in very nice profit until that blasted BoE report came out (while I was sleeping!). Took my stop like a hot knife through butter. This has been a beautifully ugly week.

Stopped out. Held fire until now... Should have reversed WAY WAY up there... Long 205.42.

So far so good. Nice hammer on the 30-min and a near-doji on the hourly. The hourly still looks weak though.

This may blow through it... the buying support is feeble here, so far. We'll see what Asia does when they kick more fully on-line (assuming we last that long).

A retrace to 208.60 would be nice right about now.

Long @ 207.25... this sucker should be exhausted!

Thanks for the clarification. Yeah, there was vibration at support. The one that ticked me off (and in hindsight, I did recognize it, but failed to translate it into action) was the vibration BELOW 66ish. It was as clear as day that price was being rejected off of that support-turned-resistance. And when the 4-hour closed below it, I should have shorted from 45, not go long. Silly mistake. But hey... them's the breaks. Can't win'em all. Again, I can't tell you how grateful I am that you're helping to walk through this all with me. I'm getting it... Just need more practice.

So you'd typically like to see price vibrate ABOVE or on a support zone and then close the 4-hour candle above the support to consider it a worthy rejection for longs?

How do you define or quantify rejection?

Nicely done!

You got that right!

Pure and simple bloody stupidity on my part. :angry:

Ok... that's it. Time for a break. That last one and I broke all of my own rules. I'll be back when I'm more composed. Lost way too much today on what should have been a good profitable day. Stopped out for -25.

I'm a sucker for punishment. I have support at 207.57 and have gone long at 70. Very tight stop as this is likely to run over me.

That'll do it for me. -55 on that puppy. Time to wait and reassess.

I guess they were using the 66 level as a launching point lower. I expect to be toasted here. They're liable to touch stops at these levels.

Where are the buyers??? This is already looking a bit shaky.

You're probably wise. The hourlies suggest this may bust lower... but it's been saying that for 3 hours now.

Long @ 210.46, tight stop if it can't bust the 66 level.

Yeah... Price is looking a bit exhausted... but it still bounced off 66, which I have marked as a zone. If it will close above that level or (preferably) closer to 208.10, I'll go long. I may regret not keeping that 30 entry.

And out at b/e. I'll reset at another 4-hour boundary. Rejection higher at resistance and this looks like it wants to go lower. Still might be premature on longs.

Reinstated long at 208.33.

Out very quick for -41. Made a mistake setting my stop... Currently flat.