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And this is occurring because... A)...you're trading without protective stops and/or averaging down? B)...you can't bear to take a loss until a huge chunk of your account is wiped out? C) ...you're leveraged to the max and if your stop loss is triggered, the slippage alone could wipe...

Great lesson, that one! Someone who noticed how often I traded breakouts in CL had a few failures one day trading breakouts, but the breakouts he was trading were in a wide range. Breakout trading is for strong trends or narrow range consolidation following a strong directional move, not just...

I use IB for data and QuoteTracker for charts. I give permission for anyone who wants to take the time to extract the "good stuff" from my 5 million posts on ET to publish a book out of it :D

To all the folks on ET who insist that the market is totally random, that technical analysis is meaningless and doesn't work, and that there is no way to truly have an edge in trading, I offer this explanation of my ability to have predicted this morning's price action yesterday: Schizo's...

Technically, our long target once price broke back up through the 20 with a vengeance should've been around 90.08 (last S becomes R). Sure enough that's about where it turned. I believe CL is traded entirely by bots (and us) :p

Add me to the "too early" supper club.

Indeed! Or as my friend BostonKiller calls it, the F/U candle, as in "F/U longs, you're going down!" :eek:

Quote from InvestVision: Short 9060 IV, this was an absolutely amazing and sensible short entry. Final failed b/o at a key R level (90.97), followed by a trend line break and a 20-EMA break. Price pulls back to previous S of 90.60 and that is a textbook anticipatory pullback entry. Just...

Well, I return to catch some late day excitement and see that I've missed one of cleanest trend reversals possible and the move of the day. :eek:

Swan, my data feed seems slow at times and so my charts are slightly off from other traders' charts, which I discovered in my Skype room. It's usually a tick, occasionally two, but I haven't found it to be a problem using stops to enter trades just outside bar or S/R levels. I've sold so many...

You have a point there, oil futures should still trade actively I would guess.

Ha ha, I did flip on the fbo of 90.40, but it was a much smaller profit :p (thx, btw) :) I hate these wide bars. Makes me start using the 1-min chart and I become confused.

90.67, 90.97, 91.09, 91.24, 92.42

Should've held for full target :eek: This was the first trade I can ever remember holding through retraces based on a larger time frame target, but I had a "feeling" it was going to be a strong trend to the EMA (now there's a way to trade).

I'm curious why you shorted after price broke through the overnight high this morning. Based on yesterday's close and the notes I posted yesterday, I was watching for a long entry when I got up this morning with a target of 90.40 (a previous daily R level closest to the 20-day EMA). I...

I've been dealing with a problem recently having nothing to do with trading. It's required a lot of my time in the past couple days and caused me to wake up really early this morning with a solution. Since I was up so early I was watching my charts early and I managed to put on four profitable...

CL had some clean pre-market action from around 3:00 to 6:00 your time, but after that what a chop fest. After the NYMEX open (where I took a short that quickly retraced for b/e), I definitely had a long bias, but the chop just sucked the life out me. I had 8 trades in less than an hour and came...

I see that first potential trap. That's where using the 5-min chart to avoid "cheating" keeps you out of a bad counter-trend move. Use a 1-min chart to look inside the 12:55pm ET bull bar's action. Price hits .50, pulls back to the 1-min 20 EMA, and runs up to .50 again. Great "twin top" short...

I can recall many, many, many times that tightening my protective stop too quickly has taken me out of great trades for a loss or b/e; but I can't recall one single time that widening a protective stop kept me in a trade that then became profitable. Except in instances where I accidentally place...

90.24 = 20-day EMA This level also serves as a touch to the underside of the lower TL from 11/23/10 low to the late January support level. Today's close provides a clean (double bottom, followed by HL, close above yesterday's close, and shaved head bull bar) reversal signal that should...