I think that is a great idea, do it with Monopoly money. Keep a running total of all potential money made/loss because of over thinking, not following plan, etc...
Here is my view on today CL action Hindsight in attachment I did not do these projects in real time, just doing analysis after the market. Lesson learned is I wanted to do some projections at/before the actions , I may not be right all time , but it gives me what are possible instead of simply focusing on price action . I know we can construct an opposite view from the chart, this is what I see in Hindsight . 1) 75.20 on retracement was most visited area early in the morning , basically CL spent 1 hr and 1/2 hour in this area on 2 occasions. I am not saying one can know this but would have been good short with .15 stop loss 2) Double top at 75.90 area . would have been good short with stop .15 3) Not able to break 90s ( any 90 cents to next dollar ) is a weak signal for OIL . This is especailly true on a EIA inventory numbers day. On EIA day with positive equitity market at that time CL makes day top around EIA announcement time. Chart TIMELINE is from PFGbest, I think it is Chicago time on X-axis so we need to add 1 hour to get EST time http://www.pfgbest.com/traders_tool...pfg&cancelstudy=&studies=Volume;BBANDS;&a=I:5
Another burning tip An excellent visualization technique: if you are worrying about something, picture the words of your worry on a piece of paper. Now ignite a match to the paper and watch the worry dissipate into flames. Bruce Lee, the great martial arts master employed this mental control device regularly.
Interesting, IV, I never paid attention to that before, but it makes sense, because normally price will break hard through the round number if the bulls are for real. I did take a short off the DT with a 15 tick stop (at the HOD, basically), took 20 ticks at the lower TL, left a bit on the table
A Canadian pipeline was shut down for those wondering about last night's two dollar rally. http://www.reuters.com/article/idUSTRE6810XU20100910 No apparent threat for hurricanes entering the weekend. Good trading to everyone.
thanks for the article. i was looking for news last night around 8pm est but couldn't find anything. Seems like a good opportunity to get more short. Maybe we'll see 76.40 after all although I'm looking for 76.60.