Pinkmans' technical analysis journal
- Thread starter pinkman
- Start date
No trades yet.
Was looking for long on CL, but couldn't see an entry.
I probably would have snatched profits very quickly anyway though.
After yesterday, i'm wondering if I should be using much much bigger stops and also bank profits much faster too.
Expensive day yesterday.
Might have to top up my account with more funds if I have too many more of them days.
Was looking for long on CL, but couldn't see an entry.
I probably would have snatched profits very quickly anyway though.
After yesterday, i'm wondering if I should be using much much bigger stops and also bank profits much faster too.
Expensive day yesterday.
Might have to top up my account with more funds if I have too many more of them days.
Mr. Pinkman, the best advice I can give you right now is to be very selective on the days you trade and look into adding some kind of filter for your setups. You seem to be trading a breakout/trend type of strategy and using the same setup for everyday. CL tends to have days that chop relentlessly like yesterday. Today is a nice trend day but most of the move was prior to the 9AM open so it has been mostly just gnawing the bone for leftovers and a lot of chop back and forth.
The best thing I did was go back and develop some key "sign posts" that identify with some good probability what type of day it is setting up to be and then trade (or not) according to the style that best suites that profile. You can always adjust your strategy if your early prediction is wrong but it keeps you aware of the type of market action your strategy works best in and gives you some cover to sit on the sidelines if need be on sub-optimal days. If I'm trading a trend strategy I try and avoid choppy days like the plague even if it means missing a few good days here and there.
As far as increasing your stops, you may see some benefits to this but more than likely you are only going to increase your risk and drawdowns. If you are still intent on trading every day, identify some type of daily stop level that you can afford. Since you are talking about adding more to the account after only 1 1/2 weeks this is a clear sign your risk/reward is out of whack and your daily loss limit is too high to be sustainable.
The best thing I did was go back and develop some key "sign posts" that identify with some good probability what type of day it is setting up to be and then trade (or not) according to the style that best suites that profile. You can always adjust your strategy if your early prediction is wrong but it keeps you aware of the type of market action your strategy works best in and gives you some cover to sit on the sidelines if need be on sub-optimal days. If I'm trading a trend strategy I try and avoid choppy days like the plague even if it means missing a few good days here and there.
As far as increasing your stops, you may see some benefits to this but more than likely you are only going to increase your risk and drawdowns. If you are still intent on trading every day, identify some type of daily stop level that you can afford. Since you are talking about adding more to the account after only 1 1/2 weeks this is a clear sign your risk/reward is out of whack and your daily loss limit is too high to be sustainable.
thanks.
The adding of more money to the account was a bit 'tongue-in-cheek'
(Although, if I lost $1600 everyday for a few months, then I the account would not be looking healthy!)
It's nowhere near that point yet.
Yes, my method got killed yesterday.
Every single trade got me in, showec me about 15 ticks profit (target typically around 30) and then stopped me out for -15 or so.
Today on CL, I wanted to be long, but it trended up strongly without really giving me a chance to get in.
I know that trading from charts isn't enough to give anyone an edge, but it's all i've got!
See how we fair tomorrow.
Today looks like being about (-$700) on the day.
Pinkman it was a trader here who said this i think it was maverick..but he said most traders would be profitable overnight if the bought in risking markets and sold in declining markets. While im not a top trader yet..but he is..i have to agree with the statement. Think had you just sold today because the market was down and was not getting any worth while bounce you would have had a killer day! Keep your head up !
solid price action system should give you about 66-70 percent so with that and solid risk management and good risk reward you should be all set. You do need to take all price action signals to let the system work its magic. I don't see you using any defined system. Vince Virgil uses a pretty good CL price action trading system you can look him up on youtube.