CL Redux

Quote from riskaddict:

For those of you who day trade when you are trying a breakout play how do you determine a stop? For instance I just went long 2 CLs at 75.77 based on that shelf on the 1 min. (I already got out at 75.81) how do you know where to put a stop because you don't really know what you're going to make because at least in my mind the profit target is based on momentum (there was non). Do you just use an arbitrary .10 or .15? Just seems hard to figure R:R when trying to play a breakout.
More...

I expect breakouts to have momentum and will use an initial stop of 10 or 15 ticks and tighten it pretty quickly, which can be problematic on a day like today (my long trade moved 10 ticks on the break, came back to stop me out b/e by a few ticks and then ran to target). Breakouts of high/low of the day should really carry momentum, but breaks of ranges, interim S/R or previous bar high/low tend to wiggle more unless it's for real, so it's pretty discretionary for me and I'm often stopped out of decent trades b/e.
 
Past my deadline, the next trade is in sim.

Looks like it wants to break, but I think swing traders are going to get short at the close, so I'm going to wait for a pop of those stops lurking at 76.00-20 and then, based on the T&S enter short till the close, with a tentative 40-50 ticks from average price.

I'll enter 1 unit and then add 2 more if I see room.

(Honestly, I'm just bored to death and I'm going to do this sim trade so I don't do something stupid).

Edit :06, come one, one more pop for the stops
 
Quote from riskaddict:

The lines in the sand have just been drawn, above 75.95 (was S1, now resistance) buy below 75.55 (240min avg) sell.
More...

I have a feeling 2:15 EST (15 min from now) when it is overnite margin time MMs will pull this to 76+
 
I'm scared to get more short, last week when there was a draw down in inventory I believe we had a day kind of like today then retarded euros bought it up because China is so great and money is falling from the sky. (buy stop on CL above 75.95 just worked splendidly)
 
Quote from Picaso:

Past my deadline, the next trade is in sim.

Looks like it wants to break, but I think swing traders are going to get short at the close, so I'm going to wait for a pop of those stops lurking at 76.00-20 and then, based on the T&S enter short till the close, with a tentative 40-50 ticks from average price.

I'll enter 1 unit and then add 2 more if I see room.

(Honestly, I'm just bored to death and I'm going to do this sim trade so I don't do something stupid).

Edit :06, come one, one more pop for the stops
More...

Edit :30, I didn't see a legit stop-run (probably that pop at 13:40-13:45 EST already got some people out). No run, no trade. Saw a mixed bag of orders in the last minutes, so I guess I was wrong in my hypothesis (yes, it fell twice, but most short orders seemed to simply have been following the decline in ES & EUR).

Tomorrow will be another day.
 
WoW what a grat job of MMs played

from 75.80 pull to 76.15 at overnite margin time
then push back to 75.85 then pull to 76.15
then finally after pit close time drop from 76.15 to 75.85 original start price ..

In this pull push MMs create huge volume, I suspect MM ( Market makers own volume themselves buying/selling may account for 30% of Nymex volume ...

Quote from InvestVision:

I have a feeling 2:15 EST (15 min from now) when it is overnite margin time MMs will pull this to 76+
More...
 
Look at those hooters! Now we find out is she is a 34 DD or a 42 DD (how far do you have to reach?) I'm sorry I had way to much coffee today. HAHA I keep drinking it and the KC keeps tanking!!!

<a href="http://s1219.photobucket.com/albums/dd438/bswansen1/?action=view&current=9-15-10.png" target="_blank"><img src="http://i1219.photobucket.com/albums/dd438/bswansen1/9-15-10.png" border="0" alt="Photobucket"></a>
 
You must log in or register to reply here.
Back
Top