CL Redux
- Thread starter schizo
- Start date
Understood. But you seem to forget that I've been in this trade since 12:00 EST. Ask any daytrader what their average holding time is. Having both stop loss and price target is important but you must also abide by rigorous time constraints (aka time stop) as well.
What's worse, it wasn't going down and the damn price was flattening out. So I bailed out.
No argument there. I would have done the same. But the profit target appears to be a useless device. Hypothetically, if price reached your profit target and the price continued to show weakness, I'm guessing you'd likely hang on to your short. If price showed some firmness or indecisiveness well before the profit target, as it did in this case, you would have looked for an earlier exit, which you did. In both cases, the target serves as a rather meaningless reference point, wouldn't you say?
You could put a spread against it. Thats probably the only action long dated ever see.
No, I would not expect you or anyone here to divulge how they trade. (And I'd probably disagree with the approach anyway.Quote from schizo:
I'm a firm believer that prices move to and fro one pivot to another for a reason. That's my modus operandi. I would have bailed out if the PT were hit. No question about it.
Nevertheless, don't expect me to give away my edge, if that's what your aiming for. Not a chance!
) I was just limiting my point to the utility of profit targets. However, if you find they give you value, who am I to discourage you?P.S. Congrats on a good trade. I would not have held on. Of course, I don't trade CL, but I'm keeping an eye on it while NQ yawns. Educational purposes, and all that.
