Oil Trading

[Hookway]

noted.

I think your stop loss was at 92.2 level (ie 150 ticks) which is around the previous day's low.

so you reward: risk ratio is < 1 which is bad.
You need to aim for RR > 3.


crude oil is very suitable for day trading; ie have to stare many hours at the chart
so as to enter at the right moment.


just for your info ;
decades ago,
I had a full-time job in MMC and I had to work like hell to be a full-time trader.

so I understand the situation you are in.

Yes, you're right about the stop. I don't know if I can accommodate a RR > 3, that would require getting in near the support. It might be a better approach to incorporate elements of chartists and play support levels. Oil seems to be happy to slice thru S & R levels very easily.

 

[Hookway]

And out for 93 pips gain at 94.63

 

[Hookway]

And out for 93 pips gain at 94.63

View attachment 290894

This was an early exit, I intended to hold til 94.90,
I lose my nerve, looking at the screen too much, my focus narrows into the tick by tick torture

 

[Hookway]

I'm continuing to trade for the next day

in at 94.21 long (just now)

 

[tony.m]

I'm continuing to trade for the next day

Post some charts

 

[Hookway]

analysis of charts?
Attached is a chart with my TP and SL.
As noted above, "I'm not much of a chart reader but respect the fact others can be good at this art."

 

[Hookway]

I'm out as per the TP on that chart, at 95.40, for 120 pips
Attempting to re-enter long at 94.15 and then take it for another 120 pips

 

[Hookway]

Just got filled at 94.15

 

[Hookway]

 

[Hookway]

And stopped out at 91.97 for -218bp, erasing most gains over the last 2 days
I'm going to look into the relevance and timing of the Oil news events