out for now at 104.06
CL Redux
- Thread starter schizo
- Start date
out for now at 104.06
Funny you use that example, because my opening trades today were three shorts at 104.08, the last of which finally broke out of the range and produced what turned out to be my only productive trade. My stop loss was very small
I'm not sure I'll be able to sleep tonight if you don't elaborate on this mysterious "THIRD FORCE" :eek::eek::eek:
I read your mind since you spent some time in boston. I also shorted NY open.
I use tight stop loss when i take a position against trend. This week trend has been
down so wide stop loss for shorts and tight stop loss for longs.
Certain times probability of market structure changing due to THIRD FORCE ( credit
for this expression goes to FutureTrader71) is higher than others.
An example will be when everyone expecting DOE report on Wednesday coming out
a certain way but it catches most traders on the wrong side etc.
THIRD FORCE= an event which is un expected.
Note: Closed short position at 103.72. I had enough. When price refuses to stay
below ORL ( Opening Range Low), i give up.
I use 8.30 am till 9.15 am eastern time 45 minutes OR to get my bias for the day.
Egypt to raise fuel prices by up to 78 percent from midnight ...
http://www.reuters.com/article/2014/07/04/us-egypt-energy-idUSKBN0F91YG20140704
http://www.reuters.com/article/2014/07/04/us-egypt-energy-idUSKBN0F91YG20140704
Funny you use that example, because my opening trades today were three shorts at 104.08, the last of which finally broke out of the range and produced what turned out to be my only productive trade. My stop loss was very small
I don't use a stop larger than -8 cents (ticks) at the most and commonly use -5 cent (tick) stops for CL trades. If those stops won't hold, chances are -20 or -30 won't either.
If the entry is correct, CL trades usually take no heat at all. For the trades that stop, it's far easier to erase -8, -8, -5 with +52 on four turns.
stopped
shorted another half unit 10375....not really a price i wanted, wanted 85
stopped out of everything at 10400
Got caught on shorts from yesterday into the close 103.45, held overnight, added to
short at NY open today ( wrong move) with wrong position size. Had to fight way out of
by adding shorts around 104 etc.