i'm up 1800 trading 1 contract today. Going back to 1 lots right now, as I'm in profits for less than two weeks but am up over $8000. I don't wanna get cocky and blow the account again. I think there's a short opportunity coming up, but will wait for a mini-double top if one comes to be safe.
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5% - 10% profit per day trading
- Thread starter spanish89
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Quote from xty:
Usman,
Pls i understand u so busy. can we discuss issues regarding stoploss. i think this is my biggest challenge in trading crude. if am not mistaken, i believe u got stopped out of ur 40 lots trade too.
nopes I didnot got stopped out on tht trade....took around 72 ticks profit/lot
sure go ahead....wht do u wanna ask?
ive closed trading for the day
holding a short from 51.60, i'll cash out on a major down spike if we get one.
had good second set of shors ( for day) at 51.25 and closed 50.25 , good lots
Quote from xty:
What do u consider before u place a stop loss.
what I consider differ on each and every trade and each has its own dynamics. Ill tell you the rationale behind the 49.20 Long:48.80 SL trade.
Market had made a low of 48.86 therefore SL obviously had to be below it. A lot of stop hunting takes place in crude but here the pattern(I wont be sharing the specifics of the pattern but in simple words in periods of elongated consolidation after bigger than expected rallies on either side, chances of stop hunting are quite low) suggested little or no chance of stop hunting.
The only thing that could have happened was either market going to 50.00(which was my target) or breaking 48.80 and going towards 46.00. As i said before, no chance of market touching 48.60 and going up.
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