Thanks for the heads up schizo-- after it broke 98, I shorted 96.25 on the way down, set my target to 86.00, and walked away to the bathroom and to get a bite to eat--8 minutes later my TP is hit... I'm sure ES is not normally this easy to trade but it sure feels good after a so-so day in CL.
CL Redux
- Thread starter schizo
- Start date
Thanks for the heads up schizo-- after it broke 98, I shorted 96.25 on the way down, set my target to 86.00, and walked away to the bathroom and to get a bite to eat--8 minutes later my TP is hit... I'm sure ES is not normally this easy to trade but it sure feels good after a so-so day in CL.
Hope everyone's enjoying their weekend. I took a long at the first line marked on the chart (.50 or so), and put my stop at .31 ... yes, the low tick you see is .30 (second black line) where I was stopped out ... what gives? Why .30? The low of the bar I longed after was .33 ... is this just a typical test below to test for supply, and then up?
This is the part I struggle with, my stop placement. I see a retest of the open and high at some point, and that was my target. But darn if it isn't hard to know how far they will go.
=> I feel like it's almost as if I should just exit quickly if it doesn't go my way, but when I do that it seems to test near my stop and go my way.
=> If I put my stop 2 to 3 ticks below the low, it seems to get me to the tick almost, and then go my way.
=> If I put it well below the low, it will come get me, and then continue farther.
What to do? Arg.
Is this a case of: stick to one strategy, stop whining, and re-enter at an appropriate time?
This is the part I struggle with, my stop placement. I see a retest of the open and high at some point, and that was my target. But darn if it isn't hard to know how far they will go.
=> I feel like it's almost as if I should just exit quickly if it doesn't go my way, but when I do that it seems to test near my stop and go my way.
=> If I put my stop 2 to 3 ticks below the low, it seems to get me to the tick almost, and then go my way.
=> If I put it well below the low, it will come get me, and then continue farther.
What to do? Arg.
Is this a case of: stick to one strategy, stop whining, and re-enter at an appropriate time?
Don't get married to your position, you don't want to lose opportunity to the downside because you are in this position.
I did that on Friday, although it worked out (+125 ticks) I could have tripled it, if I was more neutral and just went with what was being presented on my charts.
Best of luck.
Great advice-- I am having trouble sleeping and just checked the trade, and was actually taken out at BE around 1:15 because my ATM moved the stop when I was up 20 ticks in the trade. Had I been actively managing this I likely would have taken some off but this was a "set it and forget it" before going to bed trade.
