CL Redux

Quote from NoDoji:

I normally play a breakout through a high or low of the day by entering via a limit order a tick or two ahead of the test. Yesterday for some reason I placed a sell stop at .59 and saw price fall to what I thought was 12 ticks in my favor. I put in a 10-tick stop @ .57 and saw that the level was not profitable. WTF, I thought, checked my blotter and saw the .51 fill. Never again.
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<i>"As God is my witness, as God is my witness, they're not going to cheat me! I'm going to live through this, and when it's all over, I'll never be slippag-ed again - no, nor any of my folks at the CL thread! If I have to lie, steal, cheat, or kill, as God is my witness, I'll never be cheated again of my God-given ticks!"</i>

Gotta love Southern women, ya'all :D

If you want to err on the side of caution, you may want to use stop-limit orders - with say a 2-3 ticks allowance (maybe I just should stop giving unasked-for advice, shut TFU and actually put on my trades when I see them... but I mean well, though, peace :D )
 
Quote from Picaso:

<i>"As God is my witness, as God is my witness, they're not going to cheat me! I'm going to live through this, and when it's all over, I'll never be slippag-ed again - no, nor any of my folks at the CL thread! If I have to lie, steal, cheat, or kill, as God is my witness, I'll never be cheated again of my God-given ticks!"</i>

Gotta love Southern women, ya'all :D

If you want to err on the side of caution, you may want to use stop-limit orders - with say a 2-3 ticks allowance (maybe I just should stop giving unasked-for advice, shut TFU and actually put on my trades when I see them... but I mean well, though, peace :D )
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Picaso, did you recover from that $4.62 loss?? If not, don'tcha be tellin' me how to manage my slippage! That there oil is slippery, slippery stuff and no stop-limit gonna help us out here, only thing gonna help us out here is when we're lookin' at price lookin' to reach for 77.24 high off the NYMEX open, we PUT ON THE DAG BURN TRADE RIGHT THAT SLIPPERY MINUTE!

:p
 
Crude talk from 14:00


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NoDoji,
How can you place limit order to sell before price has broken down.
or do you wait for price to break down and then put limit order at the breakout price ( hoping that price will come back to touch it )

I am getting ready to trade from end of next month leaving my job I am inspired by people like you. Will start in SIM with strict rules then graduate to real if i survive the SIM.



NoDoji >>> I normally play a breakout through a high or low of the day by entering via a limit order a tick or two ahead of the test. Yesterday for some reason I placed a sell stop at .59 and saw price fall to what I thought was 12 ticks in my favor. I put in a 10-tick stop @ .57 and saw that the level was not profitable. WTF, I thought, checked my blotter and saw the .51 fill. Never again.
 
Quote from NoEmotions:

NoDoji,
How can you place limit order to sell before price has broken down.
or do you wait for price to break down and then put limit order at the breakout price ( hoping that price will come back to touch it )

I am getting ready to trade from end of next month leaving my job I am inspired by people like you. Will start in SIM with strict rules then graduate to real if i survive the SIM.

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With crude oil you really have to get in just before or at the high or low of the day using a limit order. I will use buy or sell stops just outside bar levels or lesser pivot points, but never again use stops for entry at a high or low of the day breakout because of the nasty slippage.
 
Quote from NoDoji:

With crude oil you really have to get in just before or at the high or low of the day using a limit order. I will use buy or sell stops just outside bar levels or lesser pivot points, but never again use stops for entry at a high or low of the day breakout because of the nasty slippage.
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Picaso mentioned NoD, but in case you missed it - you can enter via a stop limit order where you set the amount of ticks you are willing to take in slippage.
 
Quote from brownsfan019:

Picaso mentioned NoD, but in case you missed it - you can enter via a stop limit order where you set the amount of ticks you are willing to take in slippage.
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I understand that, but this was an on-the-fly trade. I was planning to enter at a much earlier level that would've placed me short .33 ticks before price even hit the LOD. But I was interrupted by both a phone call and my brother appearing at my door. I greeted him and we talked a bit, then I told him to come in take a look at what I do. CL was about 15 ticks from the LOD (I was then lamenting my tradus interruptus that woulda been very much in the money at that point). My bro looked at the DOM and said, "Wow, that moves fast" and I said, "Check this out," and as price hit the LOD I hit sell stop instead of limit and within a nanosecond price was 12 ticks below the low and that's when I went to put in the stop 10 ticks above that level and realized something was amiss.

So the point is, normally I am prepared in advance and use a limit to enter, but this was more like "Hold my beer and watch this!"

:p
 
Notice that while we're having a "Risk ON" day oil is going down.

IMHO, two factors to consider and to keep an eye on:

1) Flattening of positions in EUR before the stress tests at 12:00 ET
2) One of the storms in the Golf has moved inland into Mexico and lost its strength (the other one is now over Florida)

Best trading to all
 
GM everyone,
Today so far we are facing support at 78.50, which was the resistance for the big breakout yesterday.
Just to take in consideration.

Good luck to all of you today.
 
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