The Pivot Point Bounce, S&P TSX capped Energy Index

I didn't set both days on the chart but the previous day has some bearing on the entry decision. The late day rally crossing the 200sma and the opening price being close to the closing price leaves the 200 intact with respect to it's immediate validity... this is a whole topic on it's own sometime but this particular situation does not require the 200 minute catchup for the 200sma.

S&P TSX Capped Energy Index:

The ideal entry is at the daily pivot point just under the $200 mark as everything up to that point leads to a good likelihood of an uptrend day...or at least a R1 target which is a good enough initial target.

The chart pretty much says it all. This is one of my favourite setups as the stop looks so easy to follow along lazily with the nice slope right from the start, pretty much. I have a tendency to stop too tight too soon to try to lock in some profits, as small as they may be and the result is often getting stopped out too soon and watching as the trade runs away. I then lose sight of the rest of the chart setups as I think that it has moved too far to get in now...sometimes I am right and sometimes I am wrong.

Jeff.