CL Redux

Quote from cmb:

Took 2 trades on CL thursday. Unable to do any trading yesterday.

Trade 1---horrible trade, looking back at it 2 days later I am thinking why did I even trade it!, Just to press the button I guess. Short at 97.57, at the time I was expecting a move down to 97.45-.40 area on the break below the .60. Did not happen and I closed at 97.70. 2x -13 ticks.

Trade 2--- Planned and executed much better. 5m chart did not close above 20EMA, and 1 minute broke below the base that was formed at the double top. SHort at 97.70. Closed 1 at .58 and 1 at .55. 1x 12 ticks, 1x 15 ticks.

chart is central time.

The first trade idea wasn't horrible, the entry was low odds. You look to the left and you see the market environment is a range. Initial breaks out of ranges fail far more often than not, so you want to position in advance of the test of the range extreme(s). You positioned just a few ticks prior to the test of a key range level, so you'd want to see a strong break or just bail quickly because you're not dealing with a high odds breakout like a new high or low in a strong trend.

The second trade was high odds because price had trapped some bulls and was now likely to test that previous downside failed breakout off a much lower high, meaning a new low is likely.
 
Quote from NoDoji:

I think I set a new record today: Longest period of time in a CL trade 1 hour 9 mins

:D

I'm guessing long at 97.40 ish out 97.65 ish. Yeah, it's that slow day I'm playing guess that trade. :D
 
Quote from jas_in_hbca:

I'm guessing long at 97.40 ish out 97.65 ish. Yeah, it's that slow day I'm playing guess that trade. :D

Well! Now I know who's front running me on all the fills I never get!

:D :D
 
Quote from NoDoji:

Well! Now I know who's front running me on all the fills I never get!

:D :D

LOL, I'm running a few laps behind. Was long about 14 ticks higher for +5

97.40 area was a nice swing test but volume too slow for me to take it.
 
Quote from jas_in_hbca:

LOL, I'm running a few laps behind. Was long about 14 ticks higher for +5

97.40 area was a nice swing test but volume too slow for me to take it.

It ran against me at first, but buyers stepped in solidly at the LTL I had drawn from earlier, so I held it instead of scratching it. I'd like to thank ET for keeping me occupied while price consolidated for ever and a day.
 
^^^ always good arguments going on to pass a choppy day.

Thanks for the review above ND, I took a short trade here, got stopped but its looking like it may work.

Short 1 at 97.51 under the 5m 20ema original stop was 10 ticks never got hit. came back and broke the lows..ADDED 1 at 97.49, plenty of chances to kill it with a small loss, but left my stop at .60 which got hit.

2x -10 ticks. Done for today, :)

clmonday1minute.JPG
 
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