I guess I should have stuck to my plan to wait for 79.70area. I'm only adding a short here at 80 because I crushed two trades on the ES.
avg=79.60
avg=79.60
CL Redux
- Thread starter schizo
- Start date
would it be safe to say at 79.20-.40 there was real buying. Once it broke the highs it was wussy ass shorts covering? Now my question is if the were real buys in the low 79's what are they looking for 82=83? What is those buyers uncle point? below 78? Did the people that bought the last couple of days at 76 sell today at 79.30?
They can all kiss my ass because time is on my side and I have nobody to answer to
Have a good night!
They can all kiss my ass because time is on my side and I have nobody to answer to
Have a good night!
Picaso, wish I'd read this when I went long the same time @ 79.44 just before the re-attempt to test the high. I would've targeted 80.00 instead of holding almost 20 minutes just to get 20 ticks, and then watched as it just continued up and up and up...
I tested many crazy strategies while sim trading CL (average down, holding without a stop until price finally "came back", trading with bad R:R ratios, etc.) and realized that I could easily end up giving back everything unless I developed strict and inviolable rules for trading this thing. Before trading live I decided to post sim trades here in which I followed my rules. This helped me avoid cheating in trades. I had to learn to actually trade without gimmicks.
This is really important, IMHO, unless you have a very large account that can handle some of the more unconventional trading strategies.
For your losing trades, I'd be interested to hear about the setup that caused you to put on the trade, the reason for where you placed your stop, what your target was and why, and what the outcome was.
The times when I've lost my mind trading, here are the mistakes that resulted in the large losing days:
Trading against the prevailing trend without waiting for confirmation of a reversal.
Hesitating on a signaled trade, chasing an entry way too late, getting stopped out and then going on tilt trying to make something out of nothing because I missed the good trade in the first place.
Placing a ridiculous stop on a trade. (They nearly always get triggered at the price that turns out to be a few ticks away from the price pivot point that then turns in your direction now that you're stopped out.)
No addressed to me but today was my worst day in a very long time in terms of discipline.
I had a streak of 9 losing trades in a row. Then I made it all back on a couple of trades.
I then had another streak of 7 losing trades in a row. I then made it all back in a couple of trades. I shut down with a 230 per contract profit.
One of my rules is to take a timeout after every losing trade to prevent repeated entries based on ignorance/bias/revenge/etc. I broke that rule today. I was just glued to the screen because volume was so high. I also broke my 10 RT limit rule today.
I was also thinking about this, after say 3 or 4 back to back losers take a break of around +-30 min, I might have to come up with some numbers...
this sounds a middle ground to begin with and see how things work out.
1 example could be from 10:45am to 10:55am I had a strong gut feeling that Cl willl go down ( price had made false BO and was choppy making a lower high ), so I did multiple shorts from 75.21 but mistake was with very small stop loss say 5 to 8 ticks, CL went against me till 75.36 ( 15 ticks ) , bottom line direction was right but order management was badly handled which caused more and losing trades and finally I gave up , thats when CL went down without me. I was too early to predict its fall.
I need to work on order management.