CL Redux

1st day I was able to do 2 winning trades in a row. Usually in the past I would do a bad trade and then revenge trade another bad trade. Also, 1st was a long, and 2nd was a short.

I think my only mistake today was not setting price alerts so that when I am not watching the chart, I can be alerted to what is happening.

1st trade was a reversal of a failed breakout to the downside with some confirmation of indicator. However, I got in on market order late, so only took scalp.

2nd trade I was waiting for confirmation of indicator which did not come, however price action was very strong, so took the trade, again a scalp since I did not have confirmation of indicator, I got in a little late, and also I already had a good trade, so I wanted to try to not lose money. On the 2nd trade once it was close to hitting my target, this was the reason I also moved stop to BE+1 to lock in profit. Target was hit. On 1st trade could have gotten another tick of profit if I adjusted my target using limit instead of using another market order to get out.

Some good trades last 2 days, hopefully, this indicates improvement of trading skills.

Looking at market now, indicator has stopped being reliable for afternoon signals, but did show some good morning signals. This is also why I use price action.
 
Quote from schizo:

Add to long 87.72

Same stop at 86.30

I got stopped out before the day even started, so I decided to spend the entire day on the golf course. It was disheartening to see the exact low at the time at 86.30. I didn't know there were so many folks who read this journal. :D

Anyway, that trade alone cost me over 75-ticks. I guess it could have been much worse.
 
Quote from InvestVision:

inventory numbers are going to be build of 1.5+ mil
a) as alaska fixed pipe line is pumping full steam
b) lot of year end tax related held oil is coming in this JAN month ( as per Reuters).

As I listed in my above news post , pretty bearish news for oil
- India interest rate rise ( china did already in addition to tightening the bank reserve rate )
- UK Q4 growth disappointment
- Euro weakening against dollar
- expected inventory build tomorrow
- drop in Housing price data

Good list. Don't have a complete feel for this one. May just have to sit it out until....
 
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