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With crude oil you really have to get in just before or at the high or low of the day using a limit order. I will use buy or sell stops just outside bar levels or lesser pivot points, but never again use stops for entry at a high or low of the day breakout because of the nasty slippage.

Today was a day where if you didn't play the opening range breakout (ORB), you'd likely start forming opinions about "too high" and reversals. Then if you got whipped around or failed to take any trades, you might feel like you did nothing and start trading the midday mush, as I like to call it...

There was actually a very bearish red bar preceding the small green bar I mentioned at that time. The bearish bar was not a valid short entry until X happened. X didn't happen and so the trend-in-play remained intact, revealed by the seemingly meaningless little green bar and trend-followers...

Picaso, did you recover from that $4.62 loss?? If not, don'tcha be tellin' me how to manage my slippage! That there oil is slippery, slippery stuff and no stop-limit gonna help us out here, only thing gonna help us out here is when we're lookin' at price lookin' to reach for 77.24 high off the...

I normally play a breakout through a high or low of the day by entering via a limit order a tick or two ahead of the test. Yesterday for some reason I placed a sell stop at .59 and saw price fall to what I thought was 12 ticks in my favor. I put in a 10-tick stop @ .57 and saw that the level was...

DO NOT, I repeat DO NOT go long at 78.96!!! I played yesterday's breakout through the LOD via a stop order AT the LOD and was rewarded with 8 ticks slippage! Get in early or via limit order only.

And there you have it. A seemingly useless bar in the middle of the mush and yet taking it as the potential long setup that it was gave you $200/contract (so far).

I read the book (not all of it either) between July and December last year and took what I liked out of it. I don't remember all the details in it. It was waaay too much information for me. I distilled what worked really well out of it and I'm consistently profitable as a result. As for any...

I don't have a price action thread. For swing trading, read Alan Farley's "The Master Swing Trader". If you read a little bit of Al Brooks' first, Farley will seem like a much easier read. :D

And imagine if there was no bid again until $165 and your $199 stop was triggered...

I never took away from the book the concept that every bar could be a trade signal bar. What I got from the book is that every price bar in your time frame has meaning and a single bar in relation to the surrounding bars as well as S/R levels either invites a high probability trade or requires...

The 10:45 bar low breakout had a higher risk of a stop out because there was the 10:05 bar low as next support to contend with and it was only 1 pt away from your entry price. That's why I considered the 10:05 bar low as better breakout play, less visible support.

At 10:05am ET there was a pivot low of 1076.75. Sell stop @ 1076.50 gets you short at the breakout of that bar during the 11:05am bar. Target 1061 :D :D

Rashid introduced me to the concept of "survivable stops" quite some time ago and I thank him very much for that. It helped me hone my trade entries so that my stops were less likely to be hit, and it helped keep me from chasing trades when I missed the initial entry signal. I say it "helped"...

Haha, it kept falling and I suddenly thought, "This thing is going back to 76.00!" and I shorted @ 76.95, good lord, that's what thinking does to you! Stopped b/e on that one, but caught a nice move on the re-entry signal.

My Ouija board is cursed too! It told me ES 1100 last week and only went to 1099! POS...

Nice call :)

A hand of poker between 5 players has only one winner. A group of 5 traders playing a price move can have as many as 5 winners: One trader might buy near the low of a move and sell near the high, another might buy near the low and sell in the middle, another might buy halfway between the low...

But I already ordered the Whack-a-Mole order entry console! Thanks, P :)

That's definitely intriguing. Is that pretty consistent pattern and is it easy to "see" in real time?