CL Redux
- Thread starter schizo
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Quote from NoDoji:
Visaria's a boy
Wouldn't it be Visario???
ADD: On the subject of actual trading, I had mixed results today with precision price action targets. A 98.90 offer was filled (based on the 60-min EMA), but a 98.29 bid was not (based on a LTL).
ADD more: The LTL was across the 5-min lows.
I assume thats the 20 ema on the 60min.
I had a look a the 60min chart, today it lined up well, but seriously can anyone see an edge in that, looking back on the 60min bar tests? I can't.
I froze, I have a deeper problem.
If I had solved this problem 2 years ago, I would've been a millionaire now.
True for all of us mostly. We have to look at our trading and examine the psychological realities. What thoughts were running through our mind when we entered a trade or failed to enter or exited or failed to exit? For me this morning I just kept thinking CL would selloff even more after the initial profit. And it can and did pullback some. At one point I would have only been up $100. But I never reentered. And if I had just moved my stop to b/e, which I had, it never did hit there. If I had just held it 2 hours rather than 10 minutes, at that point it would have been up $1380. But even $1000 after about 75 minutes would obviously work quite well.Quote from beachhouse:
I froze, I have a deeper problem.
If I had solved this problem 2 years ago, I would've been a millionaire now.
This thought process happens with me over and over. It's just something I need to see happening when it does and move past it. All of us have our limitations we create psychologically. We just need to identify them and work at surmounting them. V, for instance doesn't have my early exit problem but maybe has a taking profits problem. Although at times with enough patience you get a second chance to take profits. But will we take it then or wait more? These are issues we all need to consider and work on.
ADD: But again, life is bigger than our trading. We're really lucky and blessed to be able to even try this and do our best to reap the possible rewards offered. Just think of all the people in the world starving or in violent political situations, etc. We're really fortunate.
its not,but your head should be clear,write down the thoughts on paper and challenge them,you would be surprised at the useless shit banging around in there every time you put on or think about or are in a trade,i try to defer to the chart and if i read it right ,thats where its going,when the crest of shit is high, just use trailing stop after getting in instead of grabbing profit that you are afraid will get away,most of my trades are based on a correlating market and watching 2 or 3 in agreement usually outweighs the ghosts...for most there is a fear of being wrong,wrong brings pain,you can't trade without being wrong,that trader doesn't exist,so embracing wrong is an "if you can't beat them,join them "scenario..practice,practice, and more practice
As a scalper, during periods of fairly low volatility (such as yesterday and today) I look to capture a price move to the next S/R level likely to be tested, assuming that strong breakouts are unlikely. I tend to place hard targets in this price action environment.
I had traded long @ 98.47 (during the 11:05 1-min bar) and placed a hard target @ 98.77 based on upper channel line resistance (connect 9:05 low to the 10:00 low and place a parallel channel line across the 10:30 high to see why I had a hard target @ .77). This target was filled and that line did act as temporary resistance @ 98.79.
As long as the low of the 1-min containment bar at 11:10 held as support, I was interested in getting long again. I re-entered long @ 98.70 based on a 1-min continuation setup off the containment bar low, and the next resistance level in line to be tested was the 60-min EMA which was 98.93 at that time. I subtracted 3 ticks to help ensure a fill, which is how I ended up with that price target. (Notice how my top call yesterday was 3 ticks shy of the actual HOD.)
There was no reason for me to expect a strong breakout of that level on the first attempt, so I that's why I placed a hard target instead of waiting for price to react at the 60-min 20 EMA.
Hope that clarifies my reasoning.