CL Redux

caught 0.633 point (0.43 in the counter-trend, 0.2 in the trend). gain per trade is too tiny, gave up today on crude. sometimes the trend is too long, I have difficult in following this kind of trend, my mind keep reminding "the trend is over, better get in the reverse direction" 'see, that is the last thrust, all losers are out, it is safe to go with the counter-trend" that is why I jumped on those resistance, I get to leave. patience is hard to get.


Quote from schizo:

Today's range for CL is 82.86 - 86.24. That's a range of $3.38. Did you catch at least 5%? If the failure rate of traders blowing up stands at 95% (meaning the other 5% captures 95%), then you must at least capture 5% of the range in order to become sustainable in the long run. Hence ya need to work on making more than these 10-tick gains.

mrbochin23 made an excellent comment. On a day like today, it's better to give up any potential rally for a substantially BIGGER selloff. You get my drift?

Learn to be patient.
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Quote from emg:

Plan on going long 81.92 1/2
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That's where I have my eyes glued as well, although it might not get there by today. But you know what? I think we'll blow right past it. I would keep a tight stop in place just in case.
 
Quote from schizo:

I'm against preaching but on a day like this you don't buy but sell every damn rally you see!
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That's exactly right. There have been no confirmed long signals today. I don't see price closing above the 20 EMA at any point.

I would like to thank mrbochin for his post. It was helpful, reminded me that it's never too low to sell a downtrend, and gave me my best day ever in CL. My biggest regret was not acting last night or even early this morning on the reversal portended by that daily candle left behind.
 
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