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This is a really accurate assessment of "this thing" as someone once called it. It's chess/poker, and if you learn to throw away all bias and ONLY trade the price action, you will learn to take advantage of those quick gratifying paychecks. There are definitely "tells" via the bid/ask levels...

There was in 2008 (EricP): http://www.elitetrader.com/vb/showthread.php?s=&postid=2078776#post2078776 But there's a good chance he made it all that day and it's no longer possible :D

I don't think anyone has exhibited frustration over your trades. It's an unusual trading style you have. I have a short bias because of the speed with which an extended move retraces. But I also trade breakouts to the long side, meaning I buy the highs. I'm happy you're making money!

If it makes you feel any better I had something like 8 trades yesterday and netted -$60 :)

If I shorted counter-trend, my stop would be just above/below the high/low, so naturally an 1124 entry would have a 6-tick stop there.

Fair enough, but can we all agree that a 6-ticks survivable stop loss is not "suicide"?

No, I'm only trading CL these days, but I pointed out the short signal in my Skype room. EDIT: I'm normally a with-trend trader, but when price gets "toppy", I will gladly take counter-trend exhaustion pullbacks. I made 51 ticks in crude before the open on CT exhaustion pullbacks.

Not at all, the counter-trend short signal entry price was 1124.00 with a 6 tick stop. How is that suicide?

Could've gotten the same 6 pts in 15 mins trading short this morning. :D

Yes, breakout exhaustion trades. I'm still cleaning my blueberry smoothie off my equipment after reading your vaseline comment...

I'm up 51 ticks already on pure counter-trend trades (that would be the "Hold my beer and watch this" setups) :p EON would be proud of me.

Please don't post stuff like this early in the morning when traders may have coffee in their mouths :D

There's a good reason for that. Oil reduces friction. :p

Hahahahahahahahahaha! (Sorry.) :cool: I don't even have a clue AFTER the report comes out. The price action around that report is simply random, every damn week!

Rashid, didn't you know that Michael and Ammo are the only thing keeping the market from flying off in one direction or the other! :p

What's been helpful to me is a small Skype group; we're on the phone all day and since we trade the same things, we can help keep each other focused discussing potential setups, "if it does this, enter a position here", etc. Another way to avoid having to watch the grass grow (which is true...

Too close to major resistance for the bulls to turn back now. The law of "price is so close that it MUST test the high/low" has come into play :p

Good advice. This is where I am now. I came up with an arsenal of setups/signals I really like and I still do my bar-by-bar backtesting, but am only trading live 1 lot (oil futures) until I can duplicate the results based on taking all trades, not cherry-picking trades. Once I reach the point of...

Those lines look a bit like the outline of a vehicle. Is this the Audi R8 setup?? :D

Schadenfreude. Neke stated last week he needed to evaluate his trading and consider that maybe he's taking some time off: I suggest everyone gloating and wishing for his demise review page 76 of this thread where he posts his long term equity curve, and compare your own results to Neke's...