Ahh on daily charts i use SMAs I didn't think it made that big of a difference.
CL Redux
- Thread starter schizo
- Start date
Ahh on daily charts i use SMAs I didn't think it made that big of a difference.
I know. That's what we've been talking about. It's like risk says, do your trade, place your stop, and then get lost for awhile. Ha.
Not sure that's my style, but when I try sim trades and then get involved in something else, like reading my email, etc., a lot of times I do come back to a large profit that I may have interfered with if I was constantly monitoring it. So there is a lot to be said for that. Maybe our new motto will be "Let It Ride!!!" Let's see if we can hold our trades longer. And I do want to work on finding good entries even if I have a number of false starts.We'll see how the general market holds up here. If it sells off we may retest that 88.45 low.
ok i talked myself into it. Short 6 QMs at 89.325
Quote from riskaddict:
I'm showing 50 day at 88 and s1 at 88.15, s2 around 87! The only reason I'm scared to short is because the dollar is on the verge of rolling over and like you said 89 has been a beast the last 2 days now. But like I said yesterday the more often a price is visited the less serious buying power there is at that level. It's just traders being wishy washy. But you know why they are called theories and not facts
Very stubborn indeed but one more visit to the hinterland and this damn thing will choke IMO.
I better get my popcorns now. Lights, camara...action!
Quote from BCE:
It's like risk says, do your trade, place your stop, and then get lost for awhile. Ha.
I agree totally. I still micromanage too much and have to constantly remind myself of my profit target and why I had that target in the first place. I always want to lock in 20 ticks profit right away and have to smack my hand sometimes
One of my best individual trades happened when we had a massive power outage that took out our internet. I was looking to make $200 on a stock trade in exchange for a $30 stop. Great R:R, I thought. When everything came back on line, I was looking at a $1238 unrealized gain on the trade.
Quote from riskaddict:
I'm showing 50 day at 88 and s1 at 88.15, s2 around 87! The only reason I'm scared to short is because the dollar is on the verge of rolling over and like you said 89 has been a beast the last 2 days now. But like I said yesterday the more often a price is visited the less serious buying power there is at that level. It's just traders being wishy washy. But you know why they are called theories and not facts
They used to say in the live trading room I hung out in "Knock Three Times" and there's a good chance it will give way whether it's support or resistance. Think Tony Orlando and Dawn.
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short 89.20
You made that in 10 mins yesterday
I would keep doing what you do.Quote from BCE:
They used to say in the live trading room I hung out in "Knock Three Times" and there's a good chance it will give way whether it's support or resistance. Think Tony Orlando and Dawn.
Right, each time a S/R level is visited and holds, it reduces the demand/supply at that level. At least I think that's the theory behind triple top/bottom breakouts being so powerful.
Careful, BCE, with that Tony Orlando and Dawn stuff. This the OIL thread, not the SUGAR thread!
close 89.20