CL Redux

The trend is your friend until it bends at the end.

Will see if this 86.76 zone back side of trendline on hourly and level on the daily holds. Will depend on where hourly closes I think.
 
Fear of missing short to 85.50 is dominant than fear of reverse to 88
I guess we see 85.50 first tomorrow , even if it reverses to 87.50 later

Quote from schizo:

Or we could meander for the next few days like in August before resuming. At that time, we also hit a significant trendo.
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Quote from InvestVision:

Fear of missing short to 85.50 is dominant than fear of reverse to 88
I guess we see 85.50 first tomorrow , even if it reverses to 87.50 later
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Take a look at this chart. As you can see, each time the trendo was hit we would fall flat on our faces for the next few days. But eventually the trendo is penetrated and down the gutter we went. Should the current trendo break, you'll wish you had bet on 80 rather than 85. :)
 

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Quote from BCE:

I'm always interested in reading any good trading advice to see if it clicks. Please feel free to post it.
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NoDoji`s journal is indeed very valuable for any aspiring trader. I`ll copy and paste the notes I took on trailing stops and stops in general from BigHog. Might be paraphrased:

Now ask yourself this question:When you move the stop to protect profits are you actually forgetting what you allowed as protecting the SETUP in the first place? Did you originally allow so many ticks for the trade to work and now cutting that amount in half WHEN THE TRADE IS ACTUALLY showing a profit?

Profits need more breathing room than do protecting the entry. Once a trade setup starts to show profits you must assume it has attracted the attention of others .........some will add-on, some will believe the move, some will not.............regardless, unless it is a fast pop like yesterday when news of Greece, Germany etc screws up any trade.........you must NOT play like Tonya Harding and chop the winner off at the kneecap.

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WORK BOTH SIDES: Pre-plan the profit objective as good as you pre-plan the stop-point. Think this way: You spot a profit objective and wait for a setup to enter. Before you enter, you figure out where you will lunch if the trade is wrong. BOOM, you get filled, even with a market order if you really want in. You place the STOP and ASSUME the profit objective will get hit. Traders wait for STOPS to get hit. Why not hang in for the other reason for the trade also?
As long as the trade is still not stopped out, hang in there longer for more profits. Surprise yourself.

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I do it different, I take the trade and assume continuation.
I believe many traders use trail stops believing they can save profits more than MAKE profits. Trail stops appear to be more than they really are because the first part of trading needs to be how to accumulate profits and not how to protect fragments of those profit targets. That is why many that use trail stops say they are getting stopped out to often.

Plan the profits first, worry about saving them later :)

Do not put the EGG before the CHICKEN. Hope this helps.

I do hardly ever use trail stops anymore. I prefer to just yank a profit and look to get back in. That`s where I missed a lot today. I like to mostly trade on the fly and all stops and yank points being mental.
 
See we retraced to 87.20 and beyond for good short point Especially when one is looking for swing trade
Quote from NoDoji:

The move was too strong. I was looking for a bigger retrace, too, but when the PA is weaker than doo-doo, I recommend taking the position wherever it's signaled, because a strong move doesn't always pull back to a particular level. I watch the 1-min chart in a strong move.

Look at the LH's (12:55 and 12:59pm ET) after the internal twin top (87.32 at 12:48 and 12:49 ET). Short a break of 87.16, max stop @ .29, targeting a breakout of 87.08.
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Quote from Laissez Faire:

I`ll copy and paste the notes I took on trailing stops and stops in general from BigHog.
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Back when BigHog posted these things in my journal I understood them intellectually, but down in the trenches I just didn't get it at all. I thought it was stuff people read in books, but there was no real way to apply it. It took a long time to truly incorporate this into my psyche.

I just emailed Hog recently that I'm now trading almost every one of my setups daily. I think the only trades I skip now are the ones that set up when I'm not at my desk and ones that set up just before major news. Losing trades are so meaningless now in the larger scheme of things. The first thing I think when I put on the trade is how far will this baby run?

I do use a hard stop, but it's no longer where I focus my energy. In fact, recently I've been letting trades hit full stop rather than micromanage a b/e exit on lack of follow through like I used to. It's just not worth the extra effort to try to avoid every loss, because it places me in a state of mind that causes me to cut winners short.

My trading is so vastly different now than it was during the first couple years. I can't emphasize enough the value of trading with the trend. The difference between counter-trend fading and with-trend trading for me is the difference between riding a bicycle up a steep hill and coasting down that same hill. Catching a trending move is pure exhilaration.

I'm sure I've posted this before, but the best thing I ever did (and continue to do) is scroll the day's chart off to the hard right edge to what it looked like at the start of the day and analyze each potential setup with entry trigger, stop placement and target zone. I then use the 1-min chart to track the heat on the trade, and whether it's possible to get more out of it when price hits the target zone. I would usually end up with 15-25 potential trades between 7:00am and 2:30pm ET using this analysis. Now, finally, my daily trading pretty much approximates the bar-by-bar analysis I did all these months. It instilled a real confidence in my edge and in following my rules.
 
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