CL Redux

I traded poorly but still made a small profit. I previously went long with current trend (overall trend was down, but current trend was long after market made a final low) and indicator (was bullish) on a small rise above resistance, but it was not a full candle.

Market went down immediately. I moved my stop loss down below a chart support but now my stop loss was very wide, and I was down like 17 ticks.

Market went back up to resistance, and I could have gotten out at BE, but did not.

Market went back down around 22 ticks. At this point I averaged down into the trade and targeted 1/2 out at BE. I got my BE and saw market was now at previous resistance. Now my original plan was to get out at BE and then let rest go to my original target. Instead I decided to kill for 5 ticks of total profit, only to watch market break resistance and go to my target.

However, I don't feel to bad since I turned a big loss into a small profit.

What I should have done was see what happened to next candle instead of going long on my 1st trade. The next candle should have continued to go up and close above resistance to be considered a break out trade. When it instead went down, I had 2 choices, go long around support or take a short. Since market did go higher later, going long around support would have been a better trade.
 
Quote from BCE:

This was the score when the Boston Celtics defeated the Orlando Magic to take the playoff series a couple of years ago? :)
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Is this a legitimate edge???

:D :D
 
Quote from oraclewizard77:

I traded poorly but still made a small profit.

However, I don't feel to bad since I turned a big loss into a small profit.
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Always good when you at least make some money and learn a few good lessons along the way. Onward and upward.
 
Quote from oraclewizard77:

What I should have done was see what happened to next candle instead of going long on my 1st trade. The next candle should have continued to go up and close above resistance to be considered a break out trade. When it instead went down, I had 2 choices, go long around support or take a short. Since market did go higher later, going long around support would have been a better trade.
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For counter-trend trades off key levels, I like to wait for a retest. Price almost always retests the level. THEN I'm ready for the second mouse entry. If it's a big V bottom like you get off a strong capitulation bar, I wait for the pullback and go long for the next push. It's difficult to guess where price will find support on an accelerating selloff (unless you're EON Kid) :cool:

OW, problem with entering randomly without confirmation is you take heat on the trade, then are happy to get out for a tiny profit right at the point price is confirming what you were expecting all along.
 
Quote from Visaria:

Yeah, i tightened the stop to 20 t, stopped out though.
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if u never place your stop and know where to add to average up 40cents or 60cents. u would profit now or cut small loss.

The worst thing u can do is add every 10cents. that will blow the account.
 
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