Looking again at the daily chart I wanted to see if this descending trend line that was previous resistance would hold or if the break out would fail all together. Not wanting to get away from CF, I decided to drop down to my 5 min to look for a re-entry, and use my intraday leverage to gain some cushion as well as make back the loss I took being stopped out. Not the best mind set, but I was focused nonetheless.
Intraday, CF offered a few different opportunities to add and take off risk. Take a look at the 5min. Volume was actually declining on the move down with two huge volume bars at 8:45am and 9:00am, then again at 9:15am. I waited for confirmation and entered a long position at 9:20am at 163.80, putting my stop under the low of that candle at 162.50. While, CF is probably not anyone's first choice to day trade, it did act well the remainder of the day. A few things I took notice to...
1. Volume increased at the bottom to the upside
2. Volume increased and was above average on break outs
3. Once the morning high was broken at 12:10pm, it held at 1:15am on strong volume.
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