Sim +.36 (going for one final push) will add twice, if possible hard stop 20 ticks, but will bail if red candle :01 stop to be :02 out be - that was quick - may retry
Truth be told, I ain't too confident about this trade. Technically speaking, looking at CL alone, it's a sound entry. However, ES is tripping on acid again and, frankly, I find that scary. Especially so considering that CL is merely a puppet to ES.
Well, I would say I just should have woken up earlier. In hind sight, I do see some good trades that I could have taken. With 1 hour to go on a Friday, I am just not going to force a trade. This was another good week. I plan to re-read some books over the weekend.
I messed up, reached my daily max loss limit of - $400. I went on fading the bull trend starting 8:00 am, I tried to fade every resistance. Identifying resistance level is easy choosing the direction of the trade at that level at that very moment is extremely important and difficult I think Nodoji has this secret lying somewhere in her brain. The problem is if I wait too long then the BO has already happened no more pie for me, if I fade the BO in advance ( while praying to god, god is busy somewhere else) I get stopped out and if I buy just before the BO it reverses. Bottom line : more screen time , more focus on all available resouces during price action near support/resistance .
This is why you target 20 ticks minimum on your trades. The profits you make will protect you on days when you lose your mind, which should happen less and less over time, but will happen no matter how experienced you become. Yesterday I gave you the secret in my brain for you to use today: "Now try some breakout trades in the direction of the trend. Buy a new high, then put in a 10-tick stop loss and an initial 20-tick target with an eye toward 30 ticks or better. Once the first 10 ticks profit shows (usually within .00001 nanoseconds) , consider moving stop close to b/e." This means you are going to buy resistance in an uptrend and sell support in a downtrend. If you sell resistance in an uptrend you are gambling, unless you are a very experienced counter-trend trader, and fully understand the circumstances under which you sell resistance (such as a failure to break through, double top, or a failed breakout, where price breaks through and falls back after only a few ticks). So starting with the regular market open, there's a strong run up off the overnight lower trend line, leaving a higher low. Since there was also a strong selloff from the NYMEX open, the 9:45am ET bar could be construed as a short signal. The strong run up kept me out of a short there because with little time before the economic news, I felt the risk:reward was not in my favor because a 50% retrace of the move from the 9:45am pivot high to the previous pivot low would take price to a target of 75.72 and that would produce less than my 20-tick minimum from a confirmed short entry point. Once the news settles price into a groove, 76.08 is previous resistance and 75.69 is support and price is rising. Place your buy stop at 76.09, and place it early so you avoid slippage. Profit target will be min 20 ticks. As soon as your order is filled, price should be 8-10 ticks in your favor. Move your stop to b/e or maybe a little below and take your 20 tick profit, or if price is really rocking, hold out for more. That is how you trade breakouts, buying resistance in an uptrend. I like to position myself earlier if I can, but if I miss the early entry (pivot off support at a higher low), I will trade the breakout itself. The later breakout through 76.34 was a break even shakeout using my technique, but the re-entry (breakout through 76.41), would've met a 20-tick target. If you entered long on the support pivots, you could add a contract at the breakout levels and then manage the whole position as you would the breakout play itself. If you play the breakout just before or at the actual breakout price, there is a slight chance it can fail and fail badly (look at the 9:10am ET double top), so use a tight stop and consider reversing to short if you are an EXPERIENCED counter-trend trader (meaning you use strong risk management; I had a 7-tick stop on my pure counter-trend trade off that failure). If you're not an experienced counter-trend trader, don't do it, no matter how much you believe price has gone too high or too low. Also NEVER fade a breakout in advance with CL. That's one of the lowest probability trades I can think of. If you ever get the urge to fade a breakout in advance, just take $100-$200 and donate to your favorite charity instead.