CL Redux
- Thread starter schizo
- Start date
Quote from BCE:
Seems to be trying to break through triple top level, which seems to be formidable resistance so far. Pulled back so far.
I'm not trading today but just stopped in to have a look.
Hope everyone's doing great.
Not trading today either. Funding a new account on Monday or Tuesday. But just remembered these posts. Strong resistance here. This was CL 02-11.
Hope everyone's doing great.
Well.... Honestly right now we are kind of in no mans land. I just want to be short all week so ya gotta start some where. If I was working earlier 92.30 would have been the most obvious place to get short (the 2nd time at 13:40). I might take profits at 91.25 and hope for a bounce to reinvest the gain into a bigger position. No stop at this point, I don't see it going to 100 in the next few days so I'm not scared.
The reason I shorted there (91.80) was because the down trend had resumed following the multi-leg pullback off the lows, and 91.80 was a break of the teeny tiny consolidation floor on the 1-min chart. I do use stops, which I move to break even after 10 ticks in my favor and the final result of this trade should please Picaso immensely 
NoD,
I remember you saying about something like you move your stop to B/E after 10 ticks when fading and 15 ticks when with the trend...did I get that right?
Do you have hard rules for such things? I know this stuff has been talked about a bunch, Im just reanalyzing my b/e rules since it seems my stops are moving from the 15 tick range towards the 10 tick range.
I remember you saying about something like you move your stop to B/E after 10 ticks when fading and 15 ticks when with the trend...did I get that right?
Do you have hard rules for such things? I know this stuff has been talked about a bunch, Im just reanalyzing my b/e rules since it seems my stops are moving from the 15 tick range towards the 10 tick range.
I've changed my entry strategy a bit and I now move my stop to b/e almost all the time after 10 ticks in my favor. My max stop is still 15 ticks on all trades. It can be less, but only in the rarest of circumstances will it be more. I think I had one or two 16-tick stops in the past few months.
Stop size really depends on the time frame, holding period, and whether or not you average into trades. I'm more of a scalper, so I like to keep everything very precise.
