CL Redux

cl 1 yr and 1 mo,hit that 100-100.40 cleave,shorting on the open, target 97.40..94 30,stop above 100.80
 

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roreilly said:
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.
More...

First trade, makes sense to exit break even when price tests your entry price runs up and then comes back to it. It's common for price to test a key level where longs or shorts got triggered into trades, but price shouldn't come back to it again, because that's a sign of a range and possible reversal.

Second trade, price ran in your favor nicely and the next price in line to be tested is the 9:20 swing low. If you're not scalping, then you're holding through retracements, so no reason to scalp 10 ticks when there's a deeper initial target. So what I do is when each target is tested I want to see how price acts at those levels. When 97.28 is reached, price simply drops through it, so now I'm watching a lower parallel channel line derived from the opening high across the 9:55 swing high and placed across the 9:20 swing low. Price drops right through that, so now I'm watching the level at a second parallel lower channel line placed across the 8:15 swing low and at 10:49 price drops through that, and so on.
 
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