Well, I was able to replay NOV short later in the afternoon. Price action in NOV after dropping hard in the morning started to base at 12:00 noon through the end of lunch at 2:15 pm. Once I notice that NOV was starting to roll over and the market was at minor resistance, I entered the play. I had a nice tight stop of 11 cents and price moved away from my entry quickly. Price formed a lower pivot below my entry price so I was able to move down my stop to this area on the 1 minute chart. Again price moved lower breaking the prior low and continuing lower and then finally making a 2nd lower low where I was able to lower my stop a 2nd time. Unfortunately I was trailed out of the play 3 minute later, a nice way to end the day with a little over 3 “R”isk units made which got my day profitable.
nov 01082013