That was Friday, what's your take at the moment? Do you scale into and out of positions? Or always one position of the same size ?
I continue rolling long each month. I expect much higher prices. Was stopped out on this last one. Not taking claim for wins or losses as I have not been posting entry and exit prices. Suffice it to say that I believe prices will be higher as trend remains up.
Warning, oil news that comes out on Wed was delayed to Thurs. This fucked up my Tue night trade. Inventory levels will be posted on Thurs instead of Wed. After being burned on Tue, I am not planing again on holding overnight. Small profit on scared trading Web night where I marketed out instead of letting limit get hit. I rather have a winning day today and be right instead of making more money. Good calls on your Intraday bottoms that I was reading from the beginning of the journal. Maybe you should have short term Intraday trades within the long trade. For example, if both day and month trades are long, adding 1 contract during the day will not increase your risk. Also, if you don't trade during reports, your margin is decreased and so is your risk since there should not be a major movement. My understanding of your strategy is you use an RSI to determine oversold levels which is NOT the same as bottom picking as another trader was bashing you on. So this is what happened. Tue night, reports are indicating oversupply of oil. I place trade with too high of stop for a short. Wake up, stopped out at the high before price falls back. This is indicates trend has changed, but I check anyway, and of course new report indicates possible draw down of supply which is bullish. So I go long 2 contracts. Price drifts down to support, so I add another contract with stop somewhere under support. I take out 1st contract at BE. 2nd contract at minor resistance, and then last contract at where I was stopped out on my short. However, as noted that was a bad risk vs reward so was still down for the day due to 1st bad overnight trade. If I used normal stopped I would have been better off. For Web night, trend was down so traded with trend for short term profits. Obviously anything can happen when real report comes out on Thurs.
Correct. I use a 3 time frame system for trading. I identify trend on largest frame and then use two smaller charts to take trades in the direction of the trend. For example, right now the monthly trend is long, so I trade the daily chart with an eye on weekly. Weekly is clearly long just like the monthly so I trade long on the daily chart to capture trend.
Hourly and 15 min today are clearly long so I am looking for pullback and entry on the 5 min. chart and perhaps the 1 min.