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If I enter short there @ 83.25, my stop to be survivable has to be at the least @ 85.25. When I have a 2 pt stop, I check to see that a reasonable target is 4 pts. I look at next support to be tested and assume that because there was a double top (or if it was a lower high, either way, I'll...

Why did you target 1180.00? I don't see a level there. Price double topped, then broke out of the range; great setup and great entry. Treat the double top as the first lower high for technical's sake. To confirm a potential reversal, price needs to break the 20 EMA and close below it. Once...

Pivot low of the 10:00am ET bar is 81.89 on my chart (which doesn't mean it's accurate, but it usually is).

Frank, now that you see the benefit of not moving stops too quickly, consider getting rid of the auto-trail of 10 ticks and using S/R levels (or channel lines if you're trading a range or channel) to exit your trades. If it's a with-trend trade (2nd lower high or higher low), look to target the...

Sorry so long to reply, but I no longer keep these threads up during the trading day. A bull trap or bear trap is a setup that looks like a textbook entry in the direction of the prevailing trend, but there is price action preceding it that should give you pause. They set up most often...

How do you manage your risk without a fixed stop loss. Do you average down, move stops depending on what you think price will do next, or use mental stops? If you use mental stops how would you manage a hypothetical max risk of 20 ticks if, say, price moved 40 or more ticks against you...

I like that: research trading. That's how I use sim now, to try out things I don't feel comfortable doing live (and maybe never will). I really doubt my "inventory news" sim trades would turn out the same live, because the sim trades aren't based on actual trades, only on price triggers. I...

Walt, we're still developing the automated system which will trade all setups and manage them by a set of rules. In the meantime, there's me trading some of the valid setups and pretty much managing trades by a set of rules, with few exceptions. I analyzed my trades today and if I'd...

I believe sim trading is the best way to train the trader muscles, no doubt. I got a lot of negative feedback from people about how worthless sim trading is, but it was the best thing I ever did after reaching a pretty low point in my confidence back in 2009. I still use sim to test various...

This will help a lot because I still do it while I trade and it works. I make note of the trend (or channel/range parameters, if applicable), and where price is relative to the trend. I also have the short term and longer term S/R levels noted so I have an idea how much profit to expect...

IMHO, the stop management strategy you describe here will frequently limit your profits, keep you from capturing nearly all 40-100 tick moves and skew any positive R:R you may have. There are times where it's important to shift mentally, though, and where taking 10-15 tick profits makes sense...

I had a scratch trade pre-inventory, an expected momentum move with no follow through. Then I did nothing until after the big beautiful post-inventory move was over. At that point I commenced to put on 7 more trades, both long and short, for an all-time total record-breaking 8 scratch trades...

Picaso, you'll be pleased to know that I had a buy stop @ 82.59 almost to the close. I was actually SHOCKED it didn't break.

The reason it reversed at 82.00 was because for me to capture my 20-tick minimum profit in the trade I was in would've required price to hit 81.98 :eek:

Ah yes, the IHLS signal, my favorite!

Decent setup, maybe a bit late on the entry considering price was tight and indecisive at that point. Try for earlier entries in ranges or slowly trending channels, because you never know how long it will continue to drift back and forth, or whether it's a flag ready to break out the opposite...

A stop needs to be survivable. That means if you're trading a with-trend pivot off a pullback, or counter-tend off a first higher low or lower high, the stop needs to be outside the pivot point; if you're trading pure counter-trend at what appears to be an exhaustion point, the stop needs to be...

Let's give this an appropriate Brooks' name: 4F setup: failed failure failing flip

I'll interject an opinion here about it. After a strong selloff through the night and into the NYMEX open, price found support, pulled back, established support at a slightly higher low, broke previous resistance, pulled back to a higher low and closed above the 20 EMA. Looks like the selloff...

The smaller the range in CL, the more $$ I make :p Actually, I'm pleased that I started the day very aggressive, trading all valid setups, 1 small loser (should've reversed long at the stop price). I even had 2 long trades.