CL Redux
- Thread starter schizo
- Start date
Kept trying to short CL with a 8 - 10 tick stop on break of candle around 85.10 and kept getting stopped out. For example, saw CL at 85.25, put a limit order in at 85.15 with a 8 tick stop hoping to catch a breakdown. As soon as order fills, market goes back up and stops me out.
Finally, I put an order in to short 2 contracts at 85.05 hoping the market would break 85.00 and continue to fall to my target of 84.90. I then gave myself a wider stop. As market hit close of ES futures, I killed 1 contract at BE since I did not want to have 2 contracts over night. Then market again went against me but this time did not hit my stop, it finally reversed and when it broke 85.00, it hit speed since like I thought all stops for longs were below that level, and I got out at a profit for last trade but still down for the day.
Next time I really think I need to just place the order market short or long when I think market is going to go in my direction instead of trying to be clever. If I did that on the 1st order, I would have had a profitable day.
Finally, I put an order in to short 2 contracts at 85.05 hoping the market would break 85.00 and continue to fall to my target of 84.90. I then gave myself a wider stop. As market hit close of ES futures, I killed 1 contract at BE since I did not want to have 2 contracts over night. Then market again went against me but this time did not hit my stop, it finally reversed and when it broke 85.00, it hit speed since like I thought all stops for longs were below that level, and I got out at a profit for last trade but still down for the day.
Next time I really think I need to just place the order market short or long when I think market is going to go in my direction instead of trying to be clever. If I did that on the 1st order, I would have had a profitable day.
Your pricing is off. Also, your term "limit order" I think is off. If price is @ XX.25 and you enter a limit sell order @ XX.15, it's filled immediately. Do you mean a sell stop order?
If you keep getting stopped out as you say, then you are most likely fighting the trend (as happened to me yesterday). Those little pullbacks are where all the top-picking shorts get trapped and all the trend-following longs pile in to ride the short fuel.
Can you post a chart?
