CL Redux
- Thread starter schizo
- Start date
That makes me feel worse. Thanks though
It would have made me feel better if you told me that you also got stopped out 6 times in a row, mainly fighting the down move, but even, somehow, with one of my short trades!
I did ignore one very good short signal early on in the day, but at the time, my bias/read of the trend was UP and I thought shorts were dangerous.
Completely wrong in hindsight.
Did something in particular give you a short bias early into the move?
Quote from pinkman:
That makes me feel worse. Thanks though
It would have made me feel better if you told me that you also got stopped out 6 times in a row, mainly fighting the down move, but even, somehow, with one of my short trades!
I did ignore one very good short signal early on in the day, but at the time, my bias/read of the trend was UP and I thought shorts were dangerous.
Completely wrong in hindsight.
Did something in particular give you a short bias early into the move?
My core rule is to trade in the direction of the 20-bar EMA on the 5-min chart.
If the 20EMA flattens, the bulls and bears are in equal standing and I'm supposed to remain flat until the market tips its hand. However, I will occasionally scalp (10 tick or so) in a range around a flat EMA because it can take a while for a side to assert itself with conviction.
I will consider a counter-trend trade based on a 1-2-3 setup off a key level (usually in a higher time frame, sometimes off the 5-min chart).
It's been mainly a short day based on these rules, but the back and fill is not conducive to larger targets for a scalper.
BTW, I'm stepping away from my desk now, expect a huge move
Well, the one benefit of scalping is you can be wrong in overall direction and still make money. I woke up today with a little panic attack not feeling like I wanted to trade. This is due to making money the last 2 days including Sunday, seems if I am not making money, it's easier to put on a trade.
I spent a couple minutes drawing my lines but did not spend another 3 min labeling the highs and lows since I spotted a setup. This time, I did not want to enter and have the market turn against me the instant I went short, so I decided set a stop short order to enter. I was filled and targeted minor support. I took no heat so I lowered my stop. I also brought my target up 1 tick since I was not getting filled, and then I did. Now I did trade with previous trend which was down, but against my indicator which was suggesting an up move.
After exiting my trade, we did get a big move in the opposite direction. Thinking back, I guess I could have gone long, but its very hard for me to take another trade once I made a profit. What I need to not do is not over trade when I am not reading the market correctly.
What was strange today, was seeing the ES go up while CL fell, and they saying CL is falling due to the government shutdown. However, if that were true why did ES not fall? This is where it's sometimes better to trade off of TA instead of reports that are based on faulty logic.
I spent a couple minutes drawing my lines but did not spend another 3 min labeling the highs and lows since I spotted a setup. This time, I did not want to enter and have the market turn against me the instant I went short, so I decided set a stop short order to enter. I was filled and targeted minor support. I took no heat so I lowered my stop. I also brought my target up 1 tick since I was not getting filled, and then I did. Now I did trade with previous trend which was down, but against my indicator which was suggesting an up move.
After exiting my trade, we did get a big move in the opposite direction. Thinking back, I guess I could have gone long, but its very hard for me to take another trade once I made a profit. What I need to not do is not over trade when I am not reading the market correctly.
What was strange today, was seeing the ES go up while CL fell, and they saying CL is falling due to the government shutdown. However, if that were true why did ES not fall? This is where it's sometimes better to trade off of TA instead of reports that are based on faulty logic.
