CL Redux
- Thread starter schizo
- Start date
I know exactly what you mean. I'm really focused on getting on the right side of a trade and then with a stop just let it go and give it room to move. This is something I do occasionally but not enough. Bigger money comes with longer holds.
Also, and to me this is important, Larry Williams once said at a seminar I attended, that the high or low of the day frequently occurs in the first hour. I thought that was a great observation. If you can find that and get on the right side of it and then let it go you'll do exceedingly well. Just look at yesterday's LOD for CL just below 96 where I tried a short. If I had gone long instead and held it til today, there's 400 ticks and even 300 yesterday.
ADD: I'm talking about the first hour of floor trading, not overnight.
Tight stops if it's testing lows or highs maybe. And I did use one when I tried the short @96. I had a 5 tick stop loss but saw immediately it wasn't going to go so just checked out with a 3 tick loss. What I didn't do though was flip it. It's earlier here when I start trading and sometimes I've just gotten up so I'm not fully focused. I wanted to do what I'm saying but just didn't. It was a perfect setup and I knew what to do, but didn't. Lesson remembered.
As far as the markets go I'd say the getting on the right side of the low or high in the first hour seems to apply to most futures especially.
