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Do you ever see a high and wonder what idiot bought that high tick? :p

From reviewing the action, it looks like b/o's in the overnight session are not very strong.

A breakout should take price 8-10 ticks in your favor pretty quickly (pre-market may be a little less). If it fails, I personally close out very quickly at break even or close to it and if conditions are right (like a failure at an extreme such as the high or low of the day) and I'm alert (haha)...

Yes, a large part. The size traded preserves my account should I have back to back losing trades for a period of time. The price at which I can place a "survivable" protective stop determines whether I put on a trade that's signaled. The use of protective stops keeps my losses smaller...

Open interest are contracts that haven't been settled. There could be a lot of traders making small bets, not necessarily anyone making large bets. Wiki: "For each buyer of a futures contract there must be a seller. From the time the buyer or seller opens the contract until the counter-party...

This is usually how I feel when I'm about to buy a new high, but I've seen it work so often that I just gotta do it!

If this were true, the vast majority of traders would be profitable because there are so many excellent trading books, CDs and seminars that teach you how to trade with positive expectancy, statistical edges and positive reward:risk ratios. Statistically, all you have to do is follow a set of...

I'm in the process of automating, because I've been struggling so badly with trading all my valid setups instead of picking out setups I think are the best. (Some of the best-looking setups fail quickly and some of scariest-looking ones result in 60-100+ tick moves.) The funny thing is that...

I've only been day trading for a little over 2 years, but I believe all you need for consistent profitability is a small edge and the ability to exploit it with pure discipline. The edge can be something as simple as a reward:risk ratio in your favor. Let's say you trade stocks and through...

Matcha, I think you had a respectable week considering live trading always turns out a little differently than sim trading :eek: Although we are day traders using for the most part a 5-min chart or similar, we should reference the bigger picture to place intraday price action in perspective...

Trust your first intuition. You have a long signal, it's a long signal. Price has no ceiling or floor, except the ones our thoughts try to put in place based on how far price has gone up to that point. Another idea is to determine the price that would trigger a long or short signal and place...

Please provide your strategy for buying a flash crash. I believe you took 30 pts profit going long the last one. XXXOOO (Sim traded beans this week.)

This is why you target 20 ticks minimum on your trades. The profits you make will protect you on days when you lose your mind, which should happen less and less over time, but will happen no matter how experienced you become. Yesterday I gave you the secret in my brain for you to use today...

Careful, that's "hypothetical trading"...you can get in trouble for that! :p

Dejavu, on a counter-trend trade with a strong setup like this, I would recommend targeting a min 20 ticks. With CL, you may well get a lot more.

Hmmm... "hypothetical trading". Is that like when I bought CL this morning @ 74.44 and sold it @ 75.60. I mean that's where I WOULD have sold it, hypothetically. :D

Schizo showed me a wealth of knowledge, and patiently and kindly answered my many questions about trading CL when I started. This is Schizo's thread and you need to honor his ground rules or don't post here.

In May I began testing and honing price action strategies in which Keltners really have no role. Although I took off the 20-bar EMA for a few days once, I put it back on my charts, and find it very useful.

Much better! I like the positive R:R on the trade you posted. It was counter-trend and chances are 20 ticks might be all you get until a level is tested again and fails. Now try some breakout trades in the direction of the trend. Buy a new high, then put in a 10-tick stop loss and an...

:cool: