CL Redux
- Thread starter schizo
- Start date
Old Rule: No trades after 11:30am
New Rule: Cancel Old Rule immediately.
I left for a long leisurely lunch and thought I'd catch a nice end of day move before the close, and damn!
I know it means little to post my blotter after the fact, but I'm so happy to at least be trading live
That was my first goal.
Next goal, take ALL setups!
New Rule: Cancel Old Rule immediately.
I left for a long leisurely lunch and thought I'd catch a nice end of day move before the close, and damn!
I know it means little to post my blotter after the fact, but I'm so happy to at least be trading live
That was my first goal.
Next goal, take ALL setups!
NoD, congratz on going live.Quote from NoDoji:
Old Rule: No trades after 11:30am
New Rule: Cancel Old Rule immediately.
I left for a long leisurely lunch and thought I'd catch a nice end of day move before the close, and damn!
I know it means little to post my blotter after the fact, but I'm so happy to at least be trading live
That was my first goal.
Next goal, take ALL setups!
From looking at your blotter, I notice one recurrent pattern in all your trades. You don't give enough wiggle room for your trade to play itself out. When it moves in your favor, even if it were just 10 ticks, I imagine you immediately move your SL to b/e. No wonder you get stopped out.
Lets suppose you do get stopped out but, much to your dissatisfaction, CL immediately reverses and resumes its initial course. Do you then jump back in or do you let it go out of fear that you would be chasing it?
The point I want to drive home is this. You need to differentiate between a good trade and a bad trade. With bad trades, you will often know it immediately because it will go against you before you know it. With these trades, it's better that you cut your losses as soon as possible. However, when the trade goes in your favor, consider giving it an ample breathing space before moving the SL.
Of course, this is easier said than done. But, in the long run, it's the only way for a trader to overstay one's welcome in this cut-throat game.
Quote from NoDoji:
Old Rule: No trades after 11:30am
New Rule: Cancel Old Rule immediately.
I left for a long leisurely lunch and thought I'd catch a nice end of day move before the close, and damn!
I know it means little to post my blotter after the fact, but I'm so happy to at least be trading live
That was my first goal.
Next goal, take ALL setups!
What made you think the exit on your winning trade was a good long signal? (as stated in the p/l thread)
thx
I'm aware that I do move my stop pretty quickly usually as soon as 8-10 ticks profit show. But my goal is definitely to jump back in if the setup remains valid.
I'm still struggling with the transition from $40-$80 max stops with stocks to $100-$200 on 1 lot CL. It's still a bit of a mental block for me, I admit.
I keep reviewing the charts end of day and reminding myself of the positive expectancy of my way of trading to reinforce my ability to trust my trades to play out.
First of all, price had previously double-bottomed (85.78 and 85.80 pivots, both higher than the pre-market low), after a decent wash-out on volume, meaning the serious sellers pretty much sold for the time being. I took my trade to the short side based on resistance at the now-falling 20-bar EMA and lower highs. Normally I'd expect a lower low, but something about the way price paused several ticks higher than those previous pivot lows caused me to exit. The chart just had this pattern to it I've seen many times before and I realized a breakdown was very unlikely.
As soon as I covered my trade and buyers came in, I realized this was indeed a higher low, and would likely test the day's high, or at least travel to the upper Keltner line.
I am very bearish on crude after it hit 87. but I saw 86.2 is a good breakout point, actually i bought it right before it toke off, I bought it at 86.16, immediately show me 3 ticks profit, then pressed by my wife for lunch (sigh), got out just at the thrust start! I acted too slow today I was think about the hard stop loss, I should follow my gut. normally inventory day is a great day for me, today I did very poorly.