CL Redux
- Thread starter schizo
- Start date
CL Short 98.24
getting out 98.07
Long 97.63
out hear at 97.53
I hope no one minds if I ask for suggestions.
My trading is centered around two facts:
1) Oil's daily price range is usually 1.00-1.40, and
2) more than 50% of the time, the high or low of the day is made in the first half hour.
So what is my problem? I keep getting shaken out! It is so frustratingly stupid. For example, this morning, at 9:35 ET, I went long at 97.57. My target was 97.90, with an eye towards 98.40. Twelve minutes later, price dropped quickly, and I exited at break even. Then at 10:01 ET, I shorted at 97.62. I set a target at 97.03 (with an eye to 97.80).
23 minutes later, I sold at 97.52 (+100). I had hoped to reenter on a deeper pullback which never happened.
The first shake out was at the pullback low; the second was within two ticks of the pullback high, and CL raced on for 80+ ticks without me.
That was this morning; last month I was shaken out on at least ten trades which would have otherwise been sizeable winners (25 ticks or greater).
Any suggestions for trailing stops or moving stops or not trailing, etc.? Thanks, I appreciate it.
My trading is centered around two facts:
1) Oil's daily price range is usually 1.00-1.40, and
2) more than 50% of the time, the high or low of the day is made in the first half hour.
So what is my problem? I keep getting shaken out! It is so frustratingly stupid. For example, this morning, at 9:35 ET, I went long at 97.57. My target was 97.90, with an eye towards 98.40. Twelve minutes later, price dropped quickly, and I exited at break even. Then at 10:01 ET, I shorted at 97.62. I set a target at 97.03 (with an eye to 97.80).
23 minutes later, I sold at 97.52 (+100). I had hoped to reenter on a deeper pullback which never happened.
The first shake out was at the pullback low; the second was within two ticks of the pullback high, and CL raced on for 80+ ticks without me.
That was this morning; last month I was shaken out on at least ten trades which would have otherwise been sizeable winners (25 ticks or greater).
Any suggestions for trailing stops or moving stops or not trailing, etc.? Thanks, I appreciate it.
I trade the ES but been watching oil for a while now in hopes of supplementing profits. I don't trade it yet but I know exactly where u went wrong. Bad r:r to start. I'll take a stab at your initial long since price action.
Look at the 9:00 5 min bar. It's a bearish bar showing heavy supply. Therefore, when price retests this level again there is a good possibility price will get rejected. 2nd of all, your stop should have been under 97.28 as a bearish bar like the 9:00 can retests previous swing low. Therefore, buying 97.57 means u really need around 50 ticks to get a good r:r. 3rd of all, when price begins its push up its quite obvious there is divergence and bulls are weak. It took 6 5 min bar intervals to push up to 97.75 and only took 5 to push down from 97.90 to 97.40.
Poor long side trade if u ask me. Granted its hindsight analysis, maybe that will help for next time
I've been watching the same thing more or less I'll be happy as a clam if we can get back into this old channel.
