Just came in from hitting some balls and am kinda shocked that order at 77.85 got filled. Now I'm not sure I want it! Oh well, I guess I'll stick with the plan. So now I'm long 2 QM avg 78.125.
CL Redux
- Thread starter schizo
- Start date
what was that plan again? :eek:
Should rebound to about 7860 overnight
CAUTION: Trading Plans Subject To Change
Here's my Rule of "Disaster Stop" Trade Entry. Say you want to go long, and well maybe you're early entering here, but what the heck you'll just use a reeeeaally wide stop on the trade.
STOP! DO NOT put on the trade!
Instead, place a limit buy order at the price where you'd place your disaster stop; you know, that place where surely price will NEVER go and you'll end up missing the whole big move up.
You'll be guaranteed a fill near the pivot low
Hahaha!!! I was like: "What iz krazy lady saying? Me timing very good"
OK, sorry, I didn't realize I was posting time in European Central Time (Arizona + 9) and Kid didn't say anything 
The idea (for me) of adding to a position as it moves in your favor is to get free exposure, therefore I roll the stop to breakeven as I add.
Otherwise, a) if you keep a hard trailing stop your risk increases while the probability of a retracement - and of your stop being hit - increases as well; or b) if you leave the stop in its original placement you're getting a multiplier of risk that is higher than the multiplier of (potential) profit.
Most of the time, I exit all at once. I guess it takes every kind of people.
One more thing: I added about every 10 ticks because I was targeting half a buck; when I target a full dollar (hey, it's my dream so yes, I'll target a full point), I tend to add at around +20 and then between +20 from BE and +40 from initial entry (which gives you an average price of 20% of the leg you're targeting, i.e. 80% of profit but with three times the size).
PS: these charts are starting to look ugly. :eek:
Quote from NoDoji:
CAUTION: Trading Plans Subject To Change
Here's my Rule of "Disaster Stop" Trade Entry. Say you want to go long, and well maybe you're early entering here, but what the heck you'll just use a reeeeaally wide stop on the trade.
STOP! DO NOT put on the trade!
Instead, place a limit buy order at the price where you'd place your disaster stop; you know, that place where surely price will NEVER go and you'll end up missing the whole big move up.
You'll be guaranteed a fill near the pivot low
So I should just get out of these and try again at 76.00.
Hmmm exit 1 @ 77.30 now just long 1 qm at 77.85 feels better already!
Will add at 76. And if the DX goes to 83.90 should get to 76 easy. The good news is I know for a fact the dollar isn't worth poop which equals a long bias here.
Quote from cstfx:
Came back and saw that an order I had sitting never got hit. Earlier I had a limit sell in the upper 7800's (never got close) and a sell stop limit @ 7795, which should have been hit but mysteriously got cxl'd. Got to find out what happened here.
Do you use NinjaTrader?