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TFC Commodity Trading Forum

Re: Spike

They were all market pull-backs. When the price continues with the trend I place a limit order just above that day. I use a somewhat close stop.

You always said " Close Stop". I traded this way for year without charts, just the high and low numbers. Sometimes I don't wait. I start putting in buy orders just above the last pullback day's high. If they don't fill it doesn't matter. I will only follow the pullback for 3 or 4 days. After that it could be a trend change.

My first try on this trade...
July sm Feb 2 buy @ 331.4 ( just above Feb 1 High ) I was stopped out with a tight stop but that's OK. I don't give much back once I get it.
My last try...... It worked!
July sm Feb 24 buy @ 339.6 ( just above Feb 23 high ) I was not stopped out. When there is a pullback I move my stop up under it.
My last stop is at 364.2.

I hope this is clear enough to answer your question. If not , let me know and I'll try again.