CL Redux

Hide the p&l on your platform.

Quote from trader198:

:D :D :D

said to myself two weeks ago, I can trade without the forum. glad I do did.

go through you guys' recent blotters, discovered some guys are doing really better or got the point of trading.

impoved my trading skill a lot recently, I can always honor my stop loss,like this morning pre-market, I went long at 75.79, thought it will break though overnight high75.95,stopped out at 75.6; I can flip without blinking, I shorted it at the overnight low at 75.45, out at 75.08 in the bounce. then bought it at 75.5 in the opening, and rode it to 76.26 in the drop from76.48, I am patient. shorted it at 75.89 after it dropped from new high of 76.48, particularly patient enough to hold to morning low 75.33, out at 75.43 in the bounce. very proud of myself, I can extract the middle part of a move, while not the top part or the bottom part, I can ignore the price and just see the move patterns.

of course, I still have long ways to go. then stopped my trading, still have Friday symdrome: afraid of messing up late afternoon, and ruin my weekend mood. I can not increase size, trade smaller lot compared to my account size. I still sometimes think my trades in money value, thought if my trade made me money, I thought it is a good trade. still hate to see mystop loss get hit, a little bit emotional about the loss since I think about "money", in reality, money is just a byproduct. when I was in paper trading, my money concept is not there, I can trade in the zone, seems I cantake as much as I want,but to my production account, I become cautious, sometimes secondguess, .... I will work on that part very hard in next several weeks.

if any one can point out some methods to me,let me forget about the money concept in my trading, that will be terrific!
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I trade from AZ and I love the hours because I have a built-in alarm clock that wakes me up with the sun. However, last night I dreamed I had insomnia. When I woke up I was wondering if I'd feel really tired all day.

Picaso, my target with 1 lot is 1 pt a day and I have yet to achieve that. The reason why this is my target is because almost every day I do a bar-by-bar analysis after the close using a 5-min chart and no cheating. That means once a signal bar closes, I take the trade entry, stop and target and neither of those get moved until one or the other is hit. This bar-by-bar analysis has been averaging 2 pts a day with 1 lot. I figure that I should be able to capture half of that. So I will continue to whine. Isn't that what on-line forums are for? :p

Trader198, I'm happy to see you're still alive and well! All I can say about those stop losses is to welcome them. Keep remembering what it felt like the day you traded this thing without a stop. It's not like ES; CL can run you $1000 or more per lot into ground very quickly. Think of small losses as big gains: You limited damage to your account, and you have the next opportunity to make a profit without having a huge hole to dig out of. It's like wearing your seat belt: You can walk away from an accident, while the person without it is thrown from the car and ends up dead.
 
thanks your encouragement. you are doing great.
two weeks ago, I thought Crude formed a double bottom,I long big time while schizo shorted it big time, I was stopped out with predermined loss late, feel very embarassed about my naiveness, saw it went under my EMA, I started to short it, did not make much in the drop, but good enough to cover my costs and loss, in those weeks I focused on NG, thought NG was manipulated or pumped to high price, hold some overnight short and stay short several days with stop at recent high, made good money on NG. did not trade NQ/ES
since writting blotters distract my trading, I try not to. just glad to find I can resist blotter writting now. also see youguys are doing really great.





Quote from NoDoji:


Trader198, I'm happy to see you're still alive and well! All I can say about those stop losses is to welcome them. Keep remembering what it felt like the day you traded this thing without a stop. It's not like ES; CL can run you $1000 or more per lot into ground very quickly. Think of small losses as big gains: You limited damage to your account, and you have the next opportunity to make a profit without having a huge hole to dig out of. It's like wearing your seat belt: You can walk away from an accident, while the person without it is thrown from the car and ends up dead.
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Quote from NoDoji:

almost every day I do a bar-by-bar analysis after the close using a 5-min chart and no cheating.
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I used to run the same task when I was a bit younger. In addition to looking at the setups, do you ever analyze prices purely by "feel"? For example, I would try to predict the next bar by analyzing the previous two candles. This actually helped me quite a lot.
 
Quote from schizo:

I used to run the same task when I was a bit younger. In addition to looking at the setups, do you ever analyze prices purely by "feel"? For example, I would try to predict the next bar by analyzing the previous two candles. This actually helped me quite a lot.
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Yes, I've been doing that a lot lately (much related to the convo we had recently). It's helping me distinguish the stronger setups from the weaker ones.
 
Quote from NoDoji:

Yes, I've been doing that a lot lately (much related to the convo we had recently). It's helping me distinguish the stronger setups from the weaker ones.
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no idea if u are still anek the trucky hehe give u the benefit of the doubt

price action:
its not enough just to predict the next bar but you should picture the complete
pattern in your head as in the whole 15 bars
this way you can effectively place stops based on the chart pttern instead of price which is arbitartly.

picture the next 5 bars or dont trade the pattrrn.money is made in how many bars u can sit with low risk to yourself.
 
Quote from coolweb:

no idea if u are still anek the trucky hehe give u the benefit of the doubt

price action:
its not enough just to predict the next bar but you should picture the complete
pattern in your head as in the whole 15 bars
this way you can effectively place stops based on the chart pttern instead of price which is arbitartly.

picture the next 5 bars or dont trade the pattrrn.money is made in how many bars u can sit with low risk to yourself.
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No personal offense, but you obviously have a problem with reading comprehension. That wasn't the point at all. Neither NoDoji and I trade solely by predicting what the next bar is. We have a game plan whereby price target and stop are clearly known even before we enter the trade, and that requires more than just a few bars. But it's also important to develop a intuition for the flow of market rhythm. One way to aid in this effort is to engage in a bar-by-bar analysis and try to forecast the subsequent bar based on previous prices.

Hope that makes sense.
 
Quote from coolweb:

no idea if u are still anek the trucky hehe give u the benefit of the doubt
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:p

Quote from coolweb:

price action:
its not enough just to predict the next bar but you should picture the complete
pattern in your head as in the whole 15 bars
this way you can effectively place stops based on the chart pttern instead of price which is arbitartly.

picture the next 5 bars or dont trade the pattrrn.money is made in how many bars u can sit with low risk to yourself.
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This is helpful for me in cases where a setup is ripe for a measured move. I try to keep in mind how the chart will look once that move is fully made. It might help keep me in the trade without cutting a winner short. It worked very well for me in pre-market Friday when I took a breakout to the downside and kept itching to take profit early because I kept thinking (again, very dangerous, thinking while trading) that it had already fallen "too far" and that a measured move was too ambitious.

Quote from schizo:

We have a game plan whereby price target and stop are clearly known even before we enter the trade, and that requires more than just a few bars. But it's also important to develop a intuition for the flow of market rhythm. One way to aid in this effort is to engage in a bar-by-bar analysis and try to forecast the subsequent bar based on previous prices.

Hope that makes sense.
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This is definitely the plan. I use previous prices as levels to be tested, because price has memory. CL is especially clean technically. Every bar's level gets tested and you have to be careful not to get nervous and cut your winners short when that happens. The exception is when a real breakout gets underway; then the momentum carries the day and if you're brave and quick you can just jump in and ride the wave. These are the best when there is ample air space between a breakout price and the next S/R level in line.
 
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