CL Redux

Quote from BCE:

You meant 87.70.
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88.70 on the CLH1 45 day to expiration, I figure now that we are within sniffing distance of the daily TL its time to think "big picture" This always happens when I take what I want to be a long term position and it quickly goes in my favor and I usually just say, ummm take profits now and try to reenter somewhere lower. NOT THIS TIME!! That being said I don't exactly have the balls to add to it at this point either.
 
SIM

I will try to post my SIM results everyday

1/7/2011 + $629.60
1/6/2011 + $291.60
1/5/2011 + $246.40
1/4/2011 + $396.40
1/3/2011 - $173.20

so far I am using Tradestation Matrix for order entry, next week I will try using IB Book trader SIM mode. I think IB SIM only fills if price goes through which is a good test for my patience and more real.

I will be reading how to use book trader over weekend.

I guess some of you are using Book trader already....
1) did you created custom buttons for easy order entry
2) did you create custom presets, any customization at all
3) I also read that now it has a confirmation pop up with every trade click , how do you deal it that issue
 
Quote from riskaddict:

88.70 on the CLH1 45 day to expiration, I figure now that we are within sniffing distance of the daily TL its time to think "big picture" This always happens when I take what I want to be in a long term position and it quickly goes in my favor and I usually just say, ummm take profits now and try to reenter somewhere lower. NOT THIS TIME!! That being said I don't exactly have the balls to add to it at this point either.
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I missed that. I mentioned Larry Williams saying, and he's not the only one, that to make bigger profits you need to stay in positions longer. Just on this contract for instance our very own Star stays in his positions a bit longer that most of us. I'm going to focus on that myself. Better than scalping for a few points. Of course you need to have good entries too.

I was remembering last night there was a guy on CNBC in the late 90's that was mentioning how much money he had made on CMGI, one of the biggest movers among the dot com stocks. But he also said he would have made even more had he just bought it and held it.

Look at CL when it went from 147 down to 32. Just do the math on how much you would have made on 10 contracts even without adding to your position. $1,150,000. And if you did add, which you probably would, then you'd have really cleaned up. We know T. Boone Pickens and those folks really cleaned up on the ride up to 147 at least.

We're working on it. Good luck with your trade.
 
Quote from riskaddict:

I choose the H1 because I'm looking for 95 or 100 and it could take a while but as you said keep your targets "soft"
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OK, I had that same TL on my chart.

I'm going to throw in my 2 cents because I know you're a "risk addict" and won't care if I do.:p

It seems risky to me to enter a swing long when price broke down the 20-day MA and closed beneath it and that TL is still 3 points away.

On a longer-term swing trade, at what point would you move a stop loss to break even, after how many ticks/points?
 
The 20 day in deed has been breached but the 50 day held like a champ :p If the 50 day even means anything to anyone is beyond me but if we get below it with conviction I'll "put Up" If I was planning on this just being a swing trade of a day or two I would have already placed a stop to lock in some profits but since this could be a week long play or longer I will use pivots and S&R's as a clue to buy puts or add to the long. For example on monday if we have momentum up above the daily pivot I'll add long. If there is mo below buy puts and then I can either sell the puts for a profit at support areas but I won't add to the loser until we reach the trend line and then use my 1 or 1.5 sd stop below the trend. So on the outright contracts I mights lose 5k or so but that would be slightly offset but some puts thrown in along the way. 3 dollars down 5 to 10 dollars up means green light R:R.

WOW it seems so much easier when I just look at the chart compared to trying to explain my possibly screwed up logic. But thanks for the question ND anything that makes me think must be good. I'm forcing myself to do this long term trade to see if I can force myself to lever up. And if this trade doesn't work out the 100 day and 200 day aren't that far away anymore so there will be plenty of opportunity for revenge trading :eek:

Have a good weekend everyone
 
My day, at least to the shooting part!

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Thanks, RA. Some day I'm going to swing trade this thing, and I'm always curious about various entry points, trade management, R:R, etc. I never even gave thought to hedging, which I think would be important.
 
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