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I'm not sure which of these comments is the meaner thing to say to a beginner :p

Since you seem to be a newer trader, I recommended being "already long" and using your signals to exit. Trading with the trend is so much easier and safer. When you trade in the direction of the trend, you have the force of the majority behind you, trend followers will push a trend to the bitter...

Hi Walt, I appreciate that this thread has maintained its integrity all this time, focusing on actual trades, technical analysis at many levels and some help for those new to CL (it can be like learning to swim for the first time in rough seas). CL has enough momentum moves each day that I'm...

I've had 3 b/e trades, had a slightly unusual thing happen, took a nap and just returned to my desk to see the slightly unusual thing turned out to be a really bizarre coincidence. I shorted just after the market open @ 82.29 with a target @ 81.99. It went 18 ticks my way and I moved my stop...

That's exactly why I suddenly decided to use no stop, because I looked at the daily chart and saw that a short trade at that level was safe. There was a similar daily chart setup back on 5/20, where you could've gone long at the open with no stop because price had fallen so far over the...

Rashid, I thought I was the only person who has that same irrational thought all the time! In fact, every time I trade a breakout I basically hold my nose and place the buy or sell stop above/below the high/low of the day, certain that it will fail for no other reason than the fact that I...

Yeah, I didn't feel good about that. I want Ammo's direct phone line so if I ever do that again and it starts running against me I can call him and say, "What do I do now????" :p

Small price for a good lesson. Doji bar is indecision. Think of the doji as a self-contained range. You want to trade the break out of the range, preferably in the direction of the trend (in this case, down). However, there were already 4 good legs down off the early high, so the pullback will...

I put on a counter-trend short this morning off the weak 3rd push from the NYMEX open. It was basically a failed b/o, I shorted at 82.21 (the low of a bar in progress that hadn't yet closed) and then instead of placing my standard 15-tick stop I placed no stop. Because the HOD was a wee bit...

Nice trading, I like your style :)

If there's an ET thread of Trading Gems, these posts belong in it.

Let's put it all in proper Sunday perspective: We took the lead 1:0 early in the first half, gave it right back, then gave it all up as the opposition caught our center back off guard 3 times back to back, came back just before halftime to close out the half down 2:4. "Second half is a...

If I see a potential pure signal bar forming I'll whack the bid or ask with a marketable limit order immediately upon close of the bar, or take it a few seconds before the bar closes. I've missed out at times and ended up with my LMT unfilled and price immediately 15 or more ticks away. I...

Oh no, you're reviving my personal Wizard of Oz chronicle (warning: there are chapters where you should stay under the covers and keep the lights on), including my "indicator" phase, my "counter-trend I'll hold this losing position till it dies or I die" phase, my "usual noob mistakes over and...

Cash, unfortunately. Sometimes people ask me for the link to my old journal and I'm tempted to warn them there are chapters where it's best to be under the covers with the lights on before reading them. :eek:

Do you know why trading has such a high failure rate? Because it has fewer barriers to entry than almost any other job. Even to get a minimum wage job, you have to show up with clothes on and fill out an application. To start trading, you need to deposit a small amount of money into a...

I think it's safer to accept a few less ticks than make an assumption and get trapped. That said, I've been known for catching a signal on the 1-min chart and getting into a trade really early, but it's because when I do that I can place a 5-10 tick stop which always feels like a bargain to me...

After watching jealous female hedge fund managers for long enough, you don't need indicators to get a feel for what's going to happen. Careful, I'm also a dumb blond.

Once I have a trade on, I only glance at the chart occasionally. I know the next 2 S/R levels in line, and I know my initial profit target, and I use the price action on the DOM to manage the trade. I use price bars to determine trade entries and I use S/R to determine stops and targets. I'm not...

I'll elaborate on this. Yesterday I put on a pure counter-trend trade in CL based on a failed breakout through the previous high of the day at that point. My profit target on pure counter-trend trades is 20 ticks because 80% of the time that is easily attainable before price stages its next leg...