CL Redux

Quote from BCE:

Silver is always tempting these days. I'm trying to not look at the chart as I'll be tempted. :p No, I look, but then remember what happened on Sunday.

BTW in the way of correction of the info I gave on that trade I inadvertently entered with my real money on Sunday, looking at the chart again and remembering what happened, I was actually up $2800 in about 15 seconds, but didn't notice it was my real account til it pulled back. This took about 20 seconds to where I was down $2000. A $4800 drop = 48 cents for 2 contracts in 20 seconds. And as I mentioned I was lucky it didn't drop more, which it had during that selloff. I mentioned also I didn't use a stop on that trade as I thought it was just a SIM trade. And I didn't. But I had been using stops and then moved them immediately to b/e even on the SIM trades. Feel very fortunate to have actually made $400. And try not to think about the fact that I could have made $30,000 holding the position for about 75 more minutes. :)
More...

that's how you grow balls of steel. :D

that said i'm thinking about SLV, etf only. maybe playing options.
 
BTW if anyone tried to play a bounce on silver in the last 10 minutes and didn't use a stop, it sold off almost a dollar = $5000 per contract. :)
 
Quote from DonCorleone:

that's how you grow balls of steel. :D

that said i'm thinking about SLV, etf only. maybe playing options.
More...
Actually that's how you get your balls chopped off. :D If I had more money to play with I'd be more up to it.
 
Quote from Eddiemorra:

why have i done so well today though?
More...

My post for you yesterday contained hypnotic commands designed to cause you to choose good entries and place good stops :D

Nice trading!
 
Wow, what a roller coaster ride this thing is! I'm on the edge of my seat, and I had a massive lump in my.....throat the whole time!

AM:
CL06-11133Tick5_3_2011_AM_Final-1.jpg


1. I hesitated for a split second and missed the opening long. I bought what I thought was a valid continuation trade, but it petered out at the DT and I didn't close it out, even when the volume trend changed up at the high.


PM:
CL06-11133Tick5_3_2011_PM_Final.jpg


I'll explain this, since the markers are a little funky.
Area 1:
A) I saw volume poke above my trendline, and a micro TL broke on price as well. I saw a valid setup here and it just didn't work out.
B) Once the recent low was taken out, the short was obvious.

Area 2:
A) BUT, then that huge order comes in, I think over 470 lots or something like that. Again the micro trendline breaks so I scratch the short and flip long. The funny thing is though I didn't have a great feeling about it at all. Hindsight is always 20/20 though :)
B) So now we break clearly below where that huge lot order came in, so either that's a long in big trouble, or someone who got stopped on a long, or someone who sold a huge short. Support becomes resistance and a better trade is born. I had to set and forget this thing because I was pulled away from my desk, which is too bad because I probably would have just trailed and called it a day.

Area 3:
A) I tried my hand at the long at the low 3 freaking times, and finally the third time was the charm. I took this one a bit early out of fear.

Net 60 ticks after commissions.
 
Quote from BCE:

Good for you.
More...

Thanks :)

One thing this has really helped me see is that I see the CL properly for the most part. In other words, when I'm getting stopped out it's almost always because the market is not going the way I thought.

Another thing is that every trade I make goes into the green at some point. That shows me that other people are at least participating in the same things I'm seeing.

Lastly, for anyone lurking and trying to learn something from this thread, you can at least learn from my charts that if you can let go of "being right" all the time, the CL will typically give you a great chance to make losses back and then some. It's been a good exercise in learning to trade without the help of the NYSE TICK, since I lean on it hard when trading the ES.

\m/
 
Boy someone just dumped some contracts off of 111.20 down to 110.90 in one minute.

ADD Not that many in the bigger picture, around 400, but after hours it did move it.
 
You must log in or register to reply here.
Back
Top