CL Redux

[plyka]

Quote from plyka:

I'm trading the aug contract. When i say mental stop, i'm sitting in front of a chart the entire time so there is no issue. When i say 93.70 is my mental stop, i don't put it there because it's not really the number 93.70 but rather the area that it has to break. Sometimes it can go to 93.68 and jump back up. If i have a hard stop, it'll sell my position. I'd rather watch it with my eyes and once it breaks that support clearly on the chart, i will sell, even though i may get out at 93.65, etc.

That's that, got out at 93.66...my methodology really told me to bring my stop back up to 93.82 once it went a bit higher, but i like to give my trades a bit of room to breath.

Since my stops are so small, it usually takes a good 4-5 losses before one of my trades turns into victory. I'm going to continue posting them here to see what happens.

 

[BCE]

Quote from plyka:

I'm trading the aug contract. When i say mental stop, i'm sitting in front of a chart the entire time so there is no issue. When i say 93.70 is my mental stop, i don't put it there because it's not really the number 93.70 but rather the area that it has to break. Sometimes it can go to 93.68 and jump back up. If i have a hard stop, it'll sell my position. I'd rather watch it with my eyes and once it breaks that support clearly on the chart, i will sell, even though i may get out at 93.65, etc.

Quote from plyka:

That's that, got out at 93.66...my methodology really told me to bring my stop back up to 93.82 once it went a bit higher, but i like to give my trades a bit of room to breath.

Since my stops are so small, it usually takes a good 4-5 losses before one of my trades turns into victory. I'm going to continue posting them here to see what happens.

Actually even though you may be sitting in front of your computer you still may not have time to exit on a huge move which this does sometimes. I've seen it move 2 points in less than a minute.

As far as how far to place your stops, I'm not saying to always use tight stops and get out, although that may be good in certain situations. You can use wider stops to not get stopped out and give your trades room to breath. I'm just trying to help you from getting burned. Just some thoughts.

Here's DX below which helped the rally off the bottom.

 

[JMC]

Dollar pushing lower, at new LOD.

 

[BCE]

Here's an expanded DX chart. May be starting to rebound.

 

[DonCorleone]

plyka, how long have you been trading CL?

BCE is right on. mental stop aint no good when CL can rip 50 cents in a heart beat.

we've all been there.

 

[JoshDance]

Quote from plyka:

When i say mental stop, i'm sitting in front of a chart the entire time so there is no issue.

Hope your internet doesn't go out if you're on the wrong side of a move when CL moves 50 ticks in 15 seconds like it does quite often.

 

[EON Kid]

Quote from JoshDance:

Hope your internet doesn't go out if you're on the wrong side of a move when CL moves 50 ticks in 15 seconds like it does quite often.

But it may also go 50 in your favor, so in the long run it should average out. If it goes 100, quit while your ahead and start using stops

 

[BCE]

L 93.16 July. Stop .12 and now move to .16 b/e

Watching the US Open golf too. McIlroy is 11 under and tearing it up. Huge lead.

 

[plyka]

Quote from BCE:

Actually even though you may be sitting in front of your computer you still may not have time to exit on a huge move which this does sometimes. I've seen it move 2 points in less than a minute.

As far as how far to place your stops, I'm not saying to always use tight stops and get out, although that may be good in certain situations. You can use wider stops to not get stopped out and give your trades room to breath. I'm just trying to help you from getting burned. Just some thoughts.

Here's DX below which helped the rally off the bottom.

The difference with me is that my stops are not decided by a price. If I purchase at 93.82, i can't say that if it falls below 93.70, i must sell. It's about how it looks on the chart when the time comes. Sometimes, even if it is still above my buy point, but enough time has passed and it looks a certain way on the chart, i'll still sell. I can't tell what it is going to look until it actually gets there.

I've never had any luck with hard stops. They never work for me, always coming down to the stop clipping it and rising back up. In fact, I haven't used a stop in years, with the only exception being gold positions (my main trading vehicle) large enough over certain hours of the night because i just cant take the risk that something happens while i'm sleeping.

 

[DonCorleone]

retest of today's lows? it sure looks top heavy.