CL Redux
- Thread starter schizo
- Start date
Limit buy. 103.62
Good trade. I shorted around 104.17, and CL went against me right away. I got stubborn, and so far I took 22 ticks of heat. I was manually trading.
Finally, market made a LH, and started to go down and went back to BE. At this point, I had 2 choices, I could now get out at BE or see if CL wanted to break this minor support and trap the longs. So I brought my stop down so I would not take a massive loss if I was wrong, and took a shower. Came back and I was up around 15 ticks, and killed the trade for a profit making today profitable.
Problems with previous trade is that I chased a little and did not check for minor supports. Also, traded during lunch hour when it was close to finish.
I thought about averaging into the trade, but decided not to do it since the market could have accelerated against me. It always sucks when the market wants to go against you right away after you enter a trade. However, my indicate was still telling me that the market wanted to go down, and thankfully it did. This was my last trade for the day.
I did notice that the market actually went a little farther than my target before shooting up. I do think today its better to use wider stops if you do pick the right direction since the market wants to test your will power before giving one profits.
Finally, market made a LH, and started to go down and went back to BE. At this point, I had 2 choices, I could now get out at BE or see if CL wanted to break this minor support and trap the longs. So I brought my stop down so I would not take a massive loss if I was wrong, and took a shower. Came back and I was up around 15 ticks, and killed the trade for a profit making today profitable.
Problems with previous trade is that I chased a little and did not check for minor supports. Also, traded during lunch hour when it was close to finish.
I thought about averaging into the trade, but decided not to do it since the market could have accelerated against me. It always sucks when the market wants to go against you right away after you enter a trade. However, my indicate was still telling me that the market wanted to go down, and thankfully it did. This was my last trade for the day.
I did notice that the market actually went a little farther than my target before shooting up. I do think today its better to use wider stops if you do pick the right direction since the market wants to test your will power before giving one profits.
logic says we should have 103+ close today not 104 + close
on this daily chart , we do not have any close above 103 for last 8 sessions, what we have is 102+ close
jump from 102+ to 104+ close seems odd
We know CL does not follow logic always
let us see ....
http://bit.ly/dRMNwG
--
ADD: close below 104.50 90% probability , other wise it might have pushed to 105 + on those peak movements ...
on this daily chart , we do not have any close above 103 for last 8 sessions, what we have is 102+ close
jump from 102+ to 104+ close seems odd
We know CL does not follow logic always
let us see ....
http://bit.ly/dRMNwG
--
ADD: close below 104.50 90% probability , other wise it might have pushed to 105 + on those peak movements ...