CL Redux

Quote from neveral0ne:

Another thing that made me get out soo quickly, was that the minute I got in, I already had a BUY order ready, and kept moving it down ..however at one point price just droped .08 pennies and i got filled immediately, need to work on better exit strategies and management.

This has been happening to me all week either on CL 6E or ES :(.
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What I do is place my target order in my initial profit target zone. Then when price is close to my target, I move my target further away and tighten my stop. This way if price breaks through my initial target, I'm still in the trade for even more and if stopped out, it will be just about where my initial target order was anyhow.
 
You should monitor the chart as if you're sticking your finger in the river to gauge its directional flow and strength. As such, I suggest you erase the price markers to the right like I've done below and focus just on the move itself.
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I was back and forth about the second high(1) in your chart, first thought it will continue to shoot (breakout), then late found it is not a case, fear kicked in my mind about "buy on a top?", then started to look for top reversal signal, the thrust to 86.17 (gun down short sellers' stop loss) quickly retracted to 86 under affirmed me it was a fake (not too much move proves to me there are not so many bears who are trapped), so I comfortably shorted it at 85.94, 85.92, late added at 85.85, covered it at 85.63, half out at 85.7 (thought 85.60 is a support), then reshorted it again at 85.63 after it retraced from 85.8+, the 86.17 high and the 85.8+ defined a down trend for me, covered it at 85.31. the bounce to 85.5, then it can not go through "gun down stop loss" morning low, affirmed me those guys want to go up, buy a tiny lot (do not want to risk too much in the closing), got out just in the breakout of 86 (your burned area), I should hold, fundamentally I should hold since lots of bears are trapped at that point, I wrote a limit order at 86.57, at the same time thought BULLS will not rush in for the weekend, when I saw 86.3+, I could not wait for 85.57, just started to dump three lot, all of them are sold top prices, quickly made a decent profit, felt cute and toke the profit (good, but not excellent) and leave the market.


Quote from schizo:

You should monitor the chart as if you're sticking your finger in the river to gauge its directional flow and strength. As such, I suggest you erase the price markers to the right like I've done below and focus just on the move itself.
attachment.php
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practice makes it perfect. you need order flow analysis to guide your trade, then you will ride it better. Nodoji made an excellent analysis. but after-fact analysis is useless. you need real-time interpretation capibility of the order flow, then you can ride it better and better.


Quote from neveral0ne:

Hi Schizo, yes I am sir !!

Wow I locked in my gain waaay too quick...this sucks.... still getting emotional over P/L as it quickly jumps up and down 10$ each tick....... damnit
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the seller ? or the buyer who is in control? sideliners?

if seller is in control, the chart is pointing down;if the buyer is in control the chart is pointing up.

the market is just a bunch of players, basically the buyers and the sellers, and lots of market watchers (they may jump in at any time).

to dig into a little bit further, sellers/buyers can be scalpers (aim for several ticks to several tens ticks), intra-day swing traders, faders, gamblers for entainment, long-term investors....

to my term, I classify them as BULLS and BEARS, SHEEP and GAMBLERS. BULLS AND BEARS are gamblers, but they gamble for profits, they are professionals, not for thrills or entainment or just for the sake of pure LUCK. SHEEP are timid, they are lazy, they seek tips, they just do not want work and want "luck", they are doomed to be losers. GAMBLERS are not timid, they may win millions overnight or go bankrupty.

order flow is what those guys show us: what bulls are thinking and doings under what market conditions , what bears are doing and thinking under the same market conditions. you may use charts/volume or other fundamental news to assist you to find out what they are doing, then take advantage of it.


Quote from neveral0ne:

Whats order flow analysis ? Sorry for being a noob..
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Thanks alot trader, I wil continue to post my ideas/experiences and charts on this thread which I really like.

Great weekend to everyone ;) enjoy the gorgeous weather ( at least here in NYC ) ;D
 
New Week, new opportunities:

sh 8660 only 10 pip stop . Bias is to the upside, but think it might want to fill some of the gap a bit.
 
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