better not use hard stop loss in this case. since your sense already told you the rally will be exhausted pretty soon. normally I will not enter trade before the closing. sweet crude is wild in the closing. some people like me just have a tiny account are forced to cut loss or book profit, that is the surge or abrupt drop in last 15 minutes.
hard stop loss is just for those trending well sessions or protection of sudden adverse news. the market goes up/down not linearly, that is why hard stop loss better be avoided. I use mental stop, so those little adverse noises are easily filtered out, I use hard stop loss to limit disaster loss, normally on major intra-day support or resistance line.
I did this kind of trades like you too. I found it is very destrutive, so I decide either hold on longer (more than 1hr even days) to wait out (I can not afford to do that)or cut loss quick then wait in the sideline at least 20 minutes (I did the latter). that works. I can take out a little piece of movement of crude without any problem. the problem is I can not hold too long(as I plan) because of fear of adverse movement.
hard stop loss is just for those trending well sessions or protection of sudden adverse news. the market goes up/down not linearly, that is why hard stop loss better be avoided. I use mental stop, so those little adverse noises are easily filtered out, I use hard stop loss to limit disaster loss, normally on major intra-day support or resistance line.
I did this kind of trades like you too. I found it is very destrutive, so I decide either hold on longer (more than 1hr even days) to wait out (I can not afford to do that)or cut loss quick then wait in the sideline at least 20 minutes (I did the latter). that works. I can take out a little piece of movement of crude without any problem. the problem is I can not hold too long(as I plan) because of fear of adverse movement.
Quote from schizo:
You forgot this one which quickly followed after the second trade was also stopped out, incidentally at the HOD.
Anyway, you're right. I really need to chill out.
