CL Redux

[spd]

Quote from schizo:

So did ya folks cleaned house today? I notice some of you were having a field day. With the exception of the swing trade earlier in the week, it was a pretty decent week for this noob.

Within the next hour, I'll be posting another intraday chart analysis of today's PA with annotations. I hope you chime in with your own analysis.

I only took 2 trades this morning, +580, live calls are buried somewhere in this thread.

Looking forward to commenting on your chart again, especially since I took some trades today and watched price action until 11:00 or so, my comments wont all be hindsight today. Curious to see if trades I actually took this morning jive with areas you'll have highlighted on your chart.

 

[schizo]

Quote from NoDoji:

I only had 2 trades, because earlier I was watching the calls here and gleaning a lot of info, actually. Thanks to everyone making the live calls.

I regret committing the cardinal trading sin of taking a 5 min break to get a snack at a time when a possible setup is in progress (test of previous failed breakout right around noon), and missing that awesome .40-.50 move (depending on your entry and exit).

But a +$930 day ain't bad. I'll probably only trade 2 lots when I go live, though. My only two live CL trades were 5 lots and I was too nervous to manage the trades properly, ended up leaving 3x profit on the table than what I took on the trades.

Good job. For everyone's benefit, would you mind if I dissect your trades? I'll post my critique over the weekend.

 

[spd]

Quote from NoDoji:

I have a feeling F112358 may never go back to ES again...

lol yeah, stick around man.

Quote from F112358:

That CL thing dropped .50 on 5000 contracts. It's very illiquid and quirky.

Well Ive seen 50k contracts trade and ES only moved 1 point, it was a doji with a 1 point range to be exact. I would say the extreme liquidity gives ES its own quirks.

 

[NoDoji]

Quote from schizo:

Good job. For everyone's benefit, would you mind if I dissect your trades? I'll post my critique over the weekend.

Not at all, they weren't much in terms of moves. I should've traded closer to the open.

The times are MST, so add 2 hours for EST

 

[Speciaul_K]

Quote from schizo:

When will BPtrader start posting his trades in realtime? Or will he remain as a contrarian indicator for our benefit?

Hey, he did say 85 after all, even if that's only a paper trade. You have my kudos bro.

The only problem is the whole world is saying 85 now. When everyone expects it the chance of getting hit becomes unlikely since everyone already has vested on the long side. Im thinking maybe 83. I think I will work long early part of week then short latter part.

 

[schizo]

Here are the 5- and 30-minute charts of today's PA. I suggest you cross-reference the two charts to see the rationale behind the colorful trades.

I also encourage you to throw out your 2-cents. After all, the real purpose for this thread is to make all of us better traders. Once I hear your feedback, I will also post my reasons for the trades by way of replying to your feedback. If I don't hear back from you, have a nice weekend!

 

[Speciaul_K]

Quote from schizo:

Here are the 5- and 30-minute charts of today's PA. I suggest you cross-reference the two charts to see the rationale behind the colorful trades.

I also encourage you to throw out your 2-cents. After all, the real purpose for this thread is to make all of us better traders. Once I hear your feedback, I will also post my reasons for the trades by way of replying to your feedback. If I don't hear back from you, have a nice weekend!

One thing I noticed reading through the thread for the later half of the day is that you stopped out on your #7 short. This if Im rembering correctly. If im correct take a look at the past week of pit trade and notice that you would get stopped out at that time everyday on trades like that. What im getting at is that you need to use the same stop that you would have used on trade #4. Look at this past week and you will see what im reffering to.

 

[schizo]

Quote from Speciaul_K:

One thing I noticed reading through the thread for the later half of the day is that you stopped out on your #7 short. This if Im rembering correctly. If im correct take a look at the past week of pit trade and notice that you would get stopped out at that time everyday on trades like that. What im getting at is that you need to use the same stop that you would have used on trade #4. Look at this past week and you will see what im reffering to.

Yes, you're correct. That particular trade was the one I said I was trading with the house money and I let it come all the way back up to stop me out (see below). However, I did get right back in at 81.77 (number 8). Later, I will reveal places where my stops were hit.

Let this serve as a reminder that there really is no free money and that you should ALWAYS trade according to the plan.

Quote from schizo:

Now flipped short 81.80.
SL 82.10

.....

Stop lowered to 81.85

At this stage, I'm playing with the house money so I have nothing to lose. Carpe diem!

 

[schizo]

Quote from schizo:

Later, I will reveal places where my stops were hit.

Luckily, there weren't that many stops that got hit today. In the above chart, you will notice that there are places where two boxes of the same color appear (eg. 5 and 6 as well as 7 and 8). You don't see a different colored box shown between these two boxes, indicating that the trade was not closed out. This means that I got stopped out from the first trade and then re-entered at the second. Between 5 and 6, for example, I got in long at 81.48, only to quickly dump at 81.39. Then I again went long at 81.50 (number 6).

These are all legit concerns and you're more than welcome to bring them to my attention.

Quote from schizo:

Flip long 81.48

SL 81.18

.....

Out 81.39

I think we still go up from here, but got chickened out.

 

[Speciaul_K]

Quote from schizo:

Luckily, there weren't that many stops that got hit today. In the above chart, you will notice that there are places where two boxes of the same color appear (eg. 5 and 6 as well as 7 and 8). You don't see a different colored box shown between these two boxes, indicating that the trade was not closed out. This means that I got stopped out from the first trade and then re-entered at the second. Between 5 and 6, for example, I got in long at 81.48, only to quickly dump at 81.39. Then I again went long at 81.50 (number 6).

These are all legit concerns and you're more than welcome to bring them to my attention.

Sounds like you go all in at once. This is why I like to scale in, helps me get better pricing when they run stops. But I have to risk a bigger loss since I have to run a wider (mental) stop. Only works well once things calm down (late morning early afternoon).