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Unless there's some secret to the markets that the "in" crowd has been able to protect throughout history, that's the only thing charts can tell you :cool:

Speaking from painful experience, I recommend entering trades in the time frame you're working with. It seems like when you started your bullish position, the dip was the near term lower trend line around 670.00. When price broke that level and pulled back to it in early October, that was the...

He does trade futures, so I would definitely believe him!

We have a pretty clear Tasmanian devil formation in the 5-min time frame which means there's a 50% price will test the previous bar's high and 50% chance price will test the previous bar's low. According to my excellent trading plan, this is a signal for me to step away from my desk. :D

Trading in the Zone is the trader's bible (as Riff said, assuming you have an edge to start with). I've read it four times now and this is a daily morning "prayer": 1. Anything can happen 2. You don't need to know what is going to happen in order to make money 3. There is a random...

It's human nature to avoid pain, and in trading that can be the pain of losing money or the pain of being "wrong". In a sim account you excel because your focus is on trading your setups. There's nothing "real" at risk and so you see your setup and you trade it. You're probably not afraid to...

Since you know this is the bottom short term, where should I place the stop loss on this trade?

Today's low is 62.68. The lower trend line from 2009 lows is near 60.00. If that's what you mean, then 62.70 is indeed close to those bottoms.

Great way to get around this problem: Enlist someone to turn off your computer if you skip the first two valid trade setups of the day. Come back and try again the next day. Eventually you'll learn to trade your setups without hesitating. :D

If you want a TRUE edge in trading you have to take the advice of Oilfxpro, whom I'll paraphrase loosely because I'm too lazy to take him off my Ignore list and search for the exact words, but it was along the lines of: I don't take bad trades because they fail. :p BTW, CL 60-min chart's...

I'll share the core of my reply with the whole crew: 1) Never chase counter-trend 2) You can chase with-trend a little bit :p :p I hit my 10,000 hours this year :cool:

Evelyn would. (That's especially for nutmeg) :D

You can easily determine whether you canceled the order or not by looking at the audit trail.

Agreed, I don't believe for one moment it's wrong, it just never worked well for my style of day trading. I think for swing trading it might be a good option for me, but I only swing trade equities/ETFs not oil; I find CL's swings to be too erratic day-to-day. I have a precision method of...

This would me my choice as well. At this point, the OP has no idea if the anomaly is something the instructor is aware of or not; it may be an integral part of the game. So there's no way to know if you're cheating or not. If you win, you can explain the edge you found and exploited.

Good diagram, makes sense to me.

I'm flabbergasted. You posted a trade plan which called the market in advance near-perfect. Right after your post, ES double-topped. There's your short entry above 80.00. Price tested lows and broke to new lows. The failure of 68.00 resulted in a quick drop to 63.50. Price then...

Steve, that has always been my belief about scaling out of trades. Since I have no idea if any given trade will be a winner or loser, this method means I'm placing the full position at risk on every trade and but may often get less than minimum target on part of the winning moves.

LMAO! I remember reading that MFE and MAE in Matcha's thread and I'd missed the explanation of it and thought to myself "WTF is she talking about, these guys sound like they know what the heck they're doing, I missed class and now I'm screwed..." :p For me as a scalper, the max favorable...