CL Redux
- Thread starter schizo
- Start date
I very rarely trade ES now, but I use a 5-min chart for both, with a 1-min cross chart as a cross-reference.
I trade the same setups for each of them.
I like to keep my stops at or below 20 ticks on CL, but I sometimes make exceptions if the setup's really inviting. My minimum target on all CL trades is 20 ticks, which is why 90% of my profitable trades are closed out at 20 ticks profit or better. Today in the mid-day chop I planned to scalp for 10-15 ticks, but couldn't bring myself to exit any of my trades with less than 20 and ended up with nothing :eek:
One pointer I can give you is to let price itself take you into a trade by entering in the direction of a move as a key level is broken. I forgot that little rule this morning and found myself selling short the low tick of my entry bar. Fortunately, CL will toss you out the window quickly (that one took just 2 minutes), so there's rarely the gnashing of teeth and wringing of hands that come with some of those grinding ES moves
