CL Redux

Quote from Airwaves:

see if i can give some back
short 82.80
20 c stop
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I'm curious why you use such a wide stop when trading counter-trend? I personally place my stop right on the previous high; anything higher signifies a breakout and CL can break out 20 ticks or more in a few seconds.

EDIT: Actually, I can sort of see why, this far along in the intraday trend, breakouts often fail.
 
Quote from NoDoji:

I'm curious why you use such a wide stop when trading counter-trend? I personally place my stop right on the previous high; anything higher signifies a breakout and CL can break out 20 ticks or more in a few seconds.

EDIT: Actually, I can sort of see why, this far along in the intraday trend, breakouts often fail.
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why is this trade 'counter trend' out of interest?
I'd say the trends been down for the last few days?
cheers
 
Quote from Airwaves:

why is this trade 'counter trend' out of interest?
I'd say the trends been down for the last few days?
cheers
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Intraday it's counter-trend, and on the daily chart it's oversold and could easily test the 20-bar MA on the daily chart which would take us to 84.00. Price double bottomed in the wee hours and has been rising above the rising 20 MA on the 5-min chart ever since, so I consider the intraday trend up.
 
Quote from NoDoji:

Intraday it's counter-trend, and on the daily chart it's oversold and could easily test the 20-bar MA on the daily chart which would take us to 84.00. Price double bottomed in the wee hours and has been rising above the rising 20 MA on the 5-min chart ever since, so I consider the intraday trend up.
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Cool. Thanks.
Im just trying to learn, posting my trades for fun.
 
Quote from Airwaves:

Cool. Thanks.
Im just trying to learn, posting my trades for fun.
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Me too, and I'm posting my trades so if I ever start averaging down ya'll can kick my ass. :D
 
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