couldn't pull the trigger at .20-ish (for a change, hahaha). It's interesting how today we're getting three distinct markets, unlike most of the time where everything seems to trade in tandem: EUR not knowing whether to go up/down on risk on/off or on pos/neg interest rate spreads. ES torn between two lovers and the love you leave behind... errr... I mean between two conflicting reports and having broken resistance at 80-85, but being stuck below further resistance at 1100-1105. Then CL really taking it in the... chin. I'd say that the driver of oil today, econ reports notwithstanding, is the massive unwinding of hurricane longs, once there's confidence that we won't be getting Gaston into the Gulf over the long weekend. What's your target, Kid? When I had my finger on the trigger, I was looking for a retest of 74.00-74.20 (if ES holds). Good luck/skill and kudos to your persistence.
74.20 is about a 50% retracement. Many weak shorts stuck, volume is thin between 73.90 and 74.20. Juicy stops. If it can pop up a little more during lunch you're there. Nice ballsy trade all the same.
I noticed that everything is up today except for CL. I then noticed we did have a small sell off on ES, so my thought process is that CL sold off due to this issue but then since CL likes to sometimes move a lot, it really crashed the long stops and caused more weakness. However, I got a long signal, and this time gave trade room to breath with a real stop and real target which this time I did not move either. I also used a sound alert to help me notice when I wanted to start looking at the trade. Well, I got in the trade on kind of a breakout, and then took 10 ticks of heat, but good news, the trade finally started going in my direction and hit my target for a 20 tick almost Nodoji like profit and trade management. Very happy how I traded today. This will be the only trade I will do today which is my thought when I got in the trade. Now if I lost, I may have looked for 1 ES setup. However, I think I need to make a rule no more than 2 trades a day as loss before calling it quits so I don't have a $ 1,000 loss due to revenge trading.
Maybe the slowness I notice after I got in my trade was due to lunch hour. CL is has now broken even higher, and I am very glad I gave my trade room to breath and not get stopped out only to see this market take off. I see a place I could have taken another long entry if I was waiting and watching for it, but I felt so much relief at finally trading correctly, that I don't think I would have taken it. It seems that if you trade correctly, you do get the reward, where poker still seems more like luck even though I won an online tournament.
One day a few months ago I lost 3 trades in a row and hit my daily loss limit. Nothing went right. I switched over to paper and hit the next 3 trades for way more than I lost, and I was so pissed I switched back to real money to get my money back and immediately lost even more. It was textbook revenge trading. I was so mad and intent on getting my money back it was almost an out of body experience. When it was all over, I was sick to my stomach. I sure hope I never do that again.
Then I guess that when you say: You're referring to suspending them <u>only in your sim account</u>, right?
Absolutely!! I'm expecting to over trade in sim. In fact, I need to in order to generate statistics that will help me mold money management and trade rules when I'm comfortable enough to go live again.