I went ahead and used my same stop from yesterday, 105 25. Got stopped out just prior to the report. All positions are closed. Waiting for now.
Just did a quick glance at yesterday's chart. If you recall, yesterday, for the short ZB trade at 105 19, I had a limit buy at 105 13. I reported in an earlier post that the market never went lower than 105 15. Looking again, I see it kissed 105 14 twice at 1440 and 1445. In any event, the trade itself was not a bad trade, other than the entry wasn't ideal. What was bad about the trade? It was entered realizing that the entry wasn't ideal, hence the idea must be to get out with a quick profit. See my post to confirm this observation. Bottom line, 105 13 was optimistic. Knowing that at 1000 we kissed 105 17, I should have placed the order for somewhere between 105 17 and 105 15. The rationale being that we would at least touch 105 17 one more time during the trading day, and probably have a greater chance of going through that 1 - 2 ticks rather than 4 - 5.
Still long 4 ZB's. I would have loved to add to my position at 1000 CST, but given the past 2 trades I'm cautious. Look to take some profits at 106 03 or so. Obviously a failure to break 106 00 and a return to 105 26 or so would be bad. 1037 CST Very very poor follow through at 106 00. ZN's don't look good either.
Looking to close and go short.... 1050 CST Closed 4 and Sold 4 ZB at 105 30. Rationale: 2nd attempt at 106 00 failed. Divergence on 5 minute indicators on ZB, divergence on 5 minute indicators on ZN. Neural network cycle indicator negative on 5 min. Neural network RVI negative on 5 min.
I'd put a stop at 106 01. I believe any break above 106 00 would create a bit of a run on stops, and we might see 106 09 on a spike. Initial target 105 26 then 105 24.