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ammo
 

Registered: Feb 2007
Posts: 18258

 

02-22-12 03:06 AM


Quote from ammo:

no fill 71 low.lower bid 05.20

add 05.93 sh

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BCE
 

Registered: Sep 2002
Posts: 4035

 

02-22-12 03:17 AM


Quote from NoDoji:

FWIW, I shorted a wee bit lower than your price around the same time and scalped a bit over 30 ticks based on a lower trend line (across the 6:55 & 8:00 EST lows). I then passed up two fine 1-min re-shorts due to a severe case of TWT (thinking while trading), then later took a 5-min short @ 104.87 (break of the 9:40 bar) and held it from a 20+ profit all the way back to b/e because of the "Law of the LOD" that states price is required to test and run the stops of any current LOD in the .60's so that patient buyers can take advantage of the liquidity of the stops to put on huge positions at bargain basement prices in the low .50's and high .40's. CL was obviously in no mood to respect the Law today.

The PA after that was awful (for my trading style, anyhow), until the TL breakout.

Maybe SteveH will chime in and tell us how many "adds" he did during that run. I'd venture to guess he did 3 adds to the initial position

BCE, when I started day trading in mid 2008, I did really well at first. I then screwed myself trying to swing for larger moves. I personally think there's more overall profit (at the end of any given month) trading CL in smaller chunks.

P.S. What is the SuperDOM???

You know me, I'm like you. I'm a scalper. Although we have a different trading style to some degree. And I do well that way. But I got tired of exiting positions "too early". You've read my extensive comments on all this here which I've shared for quite some time.

I think it's a matter of when to let trades run. And as I mentioned earlier, today just wasn't that day. :

Quote from BCE:

If you're doing a counter trend trade against a strong trend, that may be okay. But if you're up $700 you better take it before it reverses and resumes the trend. It's cool. Exited b/e. I just let it go actually and was doing some other work. The patience thing works as long as the trend is in your favor or there's a clear reversal and all of the market realities are lined up with you. And today that's not the case.



When it was testing support around 104.60-70, and did so several times, that was a good exit and reversal point. I had a number of chances and mainly was too busy with another project. So that's my fault in a way. You can't expect to trade really well if you're not fully here and fully focused. And my other project was very frustrating as they wanted us to complete it without the proper documentation. And I spent all day trying to figure it out and only did partly.

Oh,well. I'm going to chill and watch a movie. The great thing about the market is unless you do stupid things and lose all your money there are always great opportunities the next trading day. It's cool

ADD: And the other thing is, as I mentioned, I made money shorting TF. The market just seemed overbought and was ready for a small intraday pullback. And the DOW running into the 13k ceiling was a good op.

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BCE
 

Registered: Sep 2002
Posts: 4035

 

02-22-12 03:18 AM

Forgot. Here's the SuperDOM. The trading module with Depth of Market.

superdom.png
This has been downloaded 200 time(s).

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BCE
 

Registered: Sep 2002
Posts: 4035

 

02-22-12 03:22 AM


Quote from ammo:

add 05.93 sh

Wishing you all the best with your shorts, ammo. I was thinking earlier I'd be super careful holding shorts through any market close as you never know what could happen while we're gone. I would never hold a short through the weekend for instance. My take.

ADD: Who knows where this will top out? I just try to observe the action and make a decision from there. We'll see if Thursday's EIA report has any effect. It seems right now all of the crazy momentum traders are driving this up. At some point people will take a profit on this run up. Hey, we had 142 in 2008 and then 114 last year. See what we get.

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ammo
 

Registered: Feb 2007
Posts: 18258

 

02-22-12 07:56 AM

add 6.30 this ledge is now .34,should have grabbed profits ,now working towards minimizing loss,,bce regardless if you are trading a 1 lot for 40 or a 4 lot for 1.40,you have to know,at least prretend u know the larger time frames,eventually what you think u know ,will coincide with what happens,when that moment arrives ,you play the bear or bull side of the market,the swing will be in your favor and you will sell the rallys or buy the dips,but the momentum will be in your favor,don't you or anyone else spend a lot of money waiting for that safety net to appear,it's there,just look for it,learn to scalp but wait for the tip,stay flat most of the time ..it's there

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ammo
 

Registered: Feb 2007
Posts: 18258

 

02-22-12 09:24 AM


Quote from ammo:

add 6.30

reduce 5.81

2012-02-22-tos_charts.png cl.png
This has been downloaded 45 time(s).

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