CL Redux

Quote from trader198:

so far in crude, profitable.

admit hard stop is kind of useful since mental stop sometimes easily mess things up(fat fingers, but I never it runs into $0.3 loss in crude). but I normally do not use hard stop. I think lots of sudden bursts/drops are caused by hard-stop, unfortunate souls, I usually take advantage of this.

I am a baby trader. can not say I am profitable if put in a long-time frame, like this year or next year. I believe I will do better each day
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The reason I asked if you were profitable is because trading something as volatile as CL without a hard stop seems rather risky. I've seen price fly right off my DOM at times. How do you implement your mental stop when that happens?

You said "since your sense already told you the rally will be exhausted pretty soon". If you trade without a stop, I'd be careful not to get too attached to your belief about where price will go.

Sudden bursts/drops are caused by stops, because they're placed outside pivot highs and lows. That's how breakouts occur. Once the stops are triggered, price moves further and if enough buyers/sellers are interested in joining the party, you get a real breakout. If not it's a false breakout and that can frustrate you and make you want to stop using stops, but you know what? You can always get right back in the trade if it's a false breakout. But you can't ask for your money back if it isn't.
 
crude really is very volatile. I did not trade crude today. I was watching NG in the report.
just nervous about shorting in the drop, did not do anything. put it backwards, it looks so easy. the long-term trend is going down, I felt it will go through 4 and it will be traded under 4.

I do not know how you manage the stop loss, since the market moves very fast either way



Quote from NoDoji:

The reason I asked if you were profitable is because trading something as volatile as CL without a hard stop seems rather risky. I've seen price fly right off my DOM at times. How do you implement your mental stop when that happens?

You said "since your sense already told you the rally will be exhausted pretty soon". If you trade without a stop, I'd be careful not to get too attached to your belief about where price will go.

Sudden bursts/drops are caused by stops, because they're placed outside pivot highs and lows. That's how breakouts occur. Once the stops are triggered, price moves further and if enough buyers/sellers are interested in joining the party, you get a real breakout. If not it's a false breakout and that can frustrate you and make you want to stop using stops, but you know what? You can always get right back in the trade if it's a false breakout. But you can't ask for your money back if it isn't.
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Quote from NoDoji:

Prev support @ .93 trying hard to hold price to a higher low

ADD: targeting .60 or better for remainder
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Still trying hard to keep a higher low on the day. Trailing a 10-tick stop.
 
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