CL Redux

Quote from schizo:

I dunno. It started out as a predictable day (see the chart), but being an idiot that I am, I kept going against my own conviction. What seems like a "pure" trend in hindsight is an amalgam of messy whipsaws. Up, down, up, down, each 5-minute bar had an average range of 40 ticks. Who would want to sit through an endless whipsaw of 40 ticks?
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So it wasn't just me...

"[CL] would've worked out REALLY well if I put on the first trade and then closed my eyes for an hour. But I have this irrational compelling urge to watch my trades and today was not a "watch your CL trade" kind of day. All watching did was make me take a tiny profit, watch price run further without me, chase a new entry, take a tiny profit, watch the trade run further without me, chase a new entry. There was one clean move leading into the capitulation low, but by the time I finished banging my head against wall, half the move had already gone and I was chewing on my nails over shorting so low."
 
Quote from NoDoji:

So it wasn't just me...
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As for me, I always say "it could have been a lot worse." It keeps me from falling into the netherworld of negative psychology. One day at a time. Tomorrow will be a whole new ball game.

You asked in the past about having big stops. Today I had three fairly large losers with an average of 30-ticks. No doubt, I messed up. I should have stuck with my original plan, which was that the market was bottoming. Of course, my timing was lousy to begin with and I wasn't planning on sticking around to find out what the outcome will be. On that note, it's worth mentioning that stops, however large, is useless when you're trading without a game plan. Rather, I've come to learn that the loss is usually commensurate with one's stupidity. :)
 
Quote from schizo:

In any case, I see a modest reversal in play. The upside target is 77.50 for the July contract. However, I still believe we'll hit 60 (on the June contract) more sooner than later. But what does it matter? I probably will not follow my own advice anyway. :mad:
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As far as sticking to the plan, I will be (for the most part) bullish for the next few days and trade accordingly from the long side. However, I expect some pullback before kicking higher tomorrow. By how much, well, your guess is as good mine. :D
 
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