CL Redux
- Thread starter schizo
- Start date
Last night I was thinking about going long Euro based on report Japan buying their bonds. However, looking at price action, I thought I could make 10 ticks on a short. The problem with this trade, instead of using even a standard stop was that I did not want to give back my gains for the day, so my stop was 1/2 my gains. The market then of course stopped me out by going 1 tick higher than my stop before going back down to hit my target
After that Euro was reversing back up, so I went long on it and CL and made back my money plus some profit. The mistake in 1st trade is that each trade you have to expect the possibility that you may be wrong and be willingly to commit the money to take that risk.
Today, market was chopping for ES, Euro, and CL. I did not trade during lunch so wanted to wait to see what was happening. I did draw some fib lines although I am not a big believer of them. At 1st I was thinking about buying CL on pullback. I was also watching ES to see if 1273.50 would hold or if the market would break through it to new highs. When ES started to turn down, I decided to try to scalp 10 ticks on CL, which did work out since my indicator was also pointing to bearishness.
Of course, it now seems that I should have shorted the ES also, since it really fell off a cliff, and that I should have held the CL short much longer.
Looking back at the trade, if I had to do it over, I would have shorted both ES and CL. However, I am still happy with a profit. Also, account is back above a psychological support level.
After that Euro was reversing back up, so I went long on it and CL and made back my money plus some profit. The mistake in 1st trade is that each trade you have to expect the possibility that you may be wrong and be willingly to commit the money to take that risk.
Today, market was chopping for ES, Euro, and CL. I did not trade during lunch so wanted to wait to see what was happening. I did draw some fib lines although I am not a big believer of them. At 1st I was thinking about buying CL on pullback. I was also watching ES to see if 1273.50 would hold or if the market would break through it to new highs. When ES started to turn down, I decided to try to scalp 10 ticks on CL, which did work out since my indicator was also pointing to bearishness.
Of course, it now seems that I should have shorted the ES also, since it really fell off a cliff, and that I should have held the CL short much longer.
Looking back at the trade, if I had to do it over, I would have shorted both ES and CL. However, I am still happy with a profit. Also, account is back above a psychological support level.
SIM
Net = +50
Trades = 12 ( mostly BE )
Missed the long BO was in 2 minds now looking back seems easy one
Net = +50
Trades = 12 ( mostly BE )
Missed the long BO was in 2 minds now looking back seems easy one
Quote from BCE:
Checking in for a few.
Yes it was very strong. 70% of my trades were long with no losing long trades. 30% of my trades were short with a win, a loss and 2 scratches. That pretty much sums up what would be expected looking at the day's chart.
Glad you did so well.Quote from NoDoji:
There were some very nice breakouts today and I traded almost all of them, and managed to stay focused enough to get positioned for every one of them on a pullback
I think my ADD is officially cured!
Yes it was very strong. 70% of my trades were long with no losing long trades. 30% of my trades were short with a win, a loss and 2 scratches. That pretty much sums up what would be expected looking at the day's chart.
Like taking candy from a baby. Poor child had no chance.