CL Redux
- Thread starter schizo
- Start date
i took profit at 95.60 but i hate that i gave into my fear of losing my profit even though it was founded in the end. not gonna try to short this one anymore today
moved stop to b/e and stopped out.
at 11:14 it was a textbook entry for a long, touched the trend line on a strong up trend, high risk:reward and i overlooked it
The thing is though the trend was up so this was most likely a pullback for a good scalp rather than a trend reversal selloff. This has already sold off a lot the last few days so it was likely to try at least to rebound today, which it has. So in that case you need to just take whatever profits reveal themselves before the trend continues. And maybe even be ready to flip it which is of course harder to do. Just some thoughts.
Good scalp BTW.
10:53 and 10:27 are beautiful longs off the 1m EMA, 11:10 different as key area hit and needed a two leg pullback below the EMA. I missed both of these longs because "it's gone too far" .. some day i'll get over that.
It's not really that it's gone too far, it's that it has no reason to do so, and that the action has been crawling with no real substance. Crude has no business going above 96 on this kind of movement, yet it does so anyway because the computers are told to buy in this uptrend. I'm not saying it's wrong or bad, that's just the reality, that humans by themselves would probably have sold off much more strongly at 96, and I'm thinking like a human, and it's kept me out of the game today.
It's not really that it's gone too far, it's that it has no reason to do so, and that the action has been crawling with no real substance. Crude has no business going above 96 on this kind of movement, yet it does so anyway because the computers are told to buy in this uptrend. I'm not saying it's wrong or bad, that's just the reality, that humans by themselves would probably have sold off much more strongly at 96, and I'm thinking like a human, and it's kept me out of the game today.
Quote from BCE:
The thing is though the trend was up so this was most likely a pullback for a good scalp rather than a trend reversal selloff. This has already sold off a lot the last few days so it was likely to try at least to rebound today, which it has. So in that case you need to just take whatever profits reveal themselves before the trend continues. And maybe even be ready to flip it which is of course harder to do. Just some thoughts.
Good scalp BTW.
You're right BCE, that's why I took profit quickly. I think it's best if I just paper-traded the C/T urges since they're low reward anyway. It's something I've been trying to work on for years.
s@.4, .2 stop