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That selloff found aggressive buyers before price could even test the previous breakout level (1806-ish). That's bullish price action. The past 2 days are simply narrow range consolidation at highs. Nothing to worry the bulls at all...yet.

Holy sh*t!

I do excellent on trend days because my trading plan involves aggressive with-trend continuation trading using a 1-min chart. Last Wednesday, for example, my plan produced 10 long trades between 9:39am and 1:38pm eastern time, 7 of which produced minimum profit or better. In a strong trend...

I know that, but you gotta think BIG, baby! DOW 40,000!!!

Two experienced futures traders independently told me to learn to be consistently profitable trading a single contract. They said if I couldn't find a way to profit trading one lot, I should not even consider more than one. So that's what I did. As a result of only having a single...

I never did a formal analysis of scaling in or out. I tried scaling out a few times in the past and saw no advantage. So I trade all in/all out about 98% of the time.

Instead of tanking it could break out of the channel like it did in 1995. Party!!!! :D

Absolutely, if you short the initial break out of support (first entry), expect the retest. I realized at some point in my futures trading that I was moving my stop to b/e too quick on trades and getting shaken out, so after much contemplation and study I decided to (most of the time) risk...

I found that if you do this yourself you'll get a lot more out of it. Do it two ways: Bring up the charts on screen and draw trend and channel lines as well as horizontal S/R lines and annotate J's trades. Then print out the charts in OHLC format (not candlesticks) and annotate it by...

Intraday scalping is very difficult because of the focus involved. Small errors with entry levels and stop placement can make all the difference between profit and loss. I’ll share my experience as applied to these trades, not in an attempt to change your trading plan, rather to explain how...

Check out dbPhoenix's threads, good stuff. I draw lines across those swing levels. That 5th trade you took long was right at the top of a channel, a solid place to take profit on a long and reverse short. Now if it broke out upside and then pulled back to the breakout and turned back up...

Trade well!

+1

Be careful, reading the posts by the angry (failed?) traders here can have the same effect. :p

For this very reason, I'd recommend that any CL newbie come up with rules for trading this contract because it can spin your head around without a well-researched trading plan (unless you have massive capital and trade tiny size, in which case you can just trade like emg over at Volente's)...

The environment at the time of your trade was wide range. Approximate range low was 93.80 and approximate range high was 94.25. The spike through the range high during your 9:52 bar was a failure; it met with immediate selling, so clearly not a signal to look for longs. In fact, the...

Addiction to random rewards...the gambler remembers the pleasure, discards the pain, and always feels the BIG ONE is due any time now.

I propose Elite Trader place this on a large banner across the home page. :cool:

Funny, we were in at the same prices but different times. I was long @ 93.83 at 7:50 your time and long @ 94.42 at 10:08 your time. (BTW, 94.60 was a key level in line to be tested on the 60-min chart, last Monday's swing high from pre-market; initial visits back to these key levels tend to hold...

I'm so pleased to see you eating your greens! :cool: