O 895 890 885 880 875 870 865 868 855 850 845 840 835 830 825 820 815 818 805 800 795 790 785 780 775

The next bar opened at 861, and I had hopes of prices moving even lower. My expectations were dashed when prices ticked to 863. It was time to place an order below the new Ross hook. While I waited for things to develop, I toted up the score. I had made eleven points on my entire ten lot at 863 - first when I covered costs on three contracts at that price, and then again when I took profits on seven contracts. I had total costs of $250, so my net profit was $1,232 -$250 = $982.

I had lost $560 on five contracts plus $125 in costs, for a total of $685.

When prices opened and then traded up sharply, I placed a mental sell stop below the open. If prices were to take out the open, they might test the area of the Ross hook which would give me a chance to scalp out a piece of the market.

I was filled on a ten lot at 860 with a liquidation objective of 850 to cover costs. The hour closed below my entry, but failed to reach 850. My stop loss was at 860.

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