Went from - $ 120 to positive $ 130 real money. 1st trade went long CL, main problem with this trade was I did it during low volume which was around 10 pm PST when the market is dead, much better to trade when open, and got stopped out although it did look like it almost hit my target before reversing. Heard stop filled while doing other stuff and not looking at chart. 2nd trade, went long wheat, I think the symbol was ZW, but turned off NT. Pissed off since I saw CL reverse from the lows and blow past the highs while I was down .75 on this trade so far. 3rd trade went short CL on possible overshoot looking for a small pullback after testing new highs this was while I was long wheat. Played StarCraft to take my mind off the trades. Heard target filled. CL trade was filled, and saw that wheat was now .25 from hitting my target so killed at market for gain on both 2nd and 3rd trades. The CL trade made me back $ 100 of the loss, and the wheat trade made $ 150 profit. $ 150 - $ 120 loss = $ 130 profit, not bad for a Sunday night. Wheat also came out with report that the crop was low so that means higher prices and was able to buy on pullback. It could have been lagging CL or I my entry was during low volume since it moved not all for awhile. I guess the only problem is I probably over traded although I felt all were decent trades except for the one during low volume on CL. I am trying to do just 1 trade a day to limit revenge trading. Once that is better I would like to increase my trades. I thought Friday market would be dead, but I should have woken up earlier to trade CL since it did move. I messed up my sleeping cycle so since I knew I might not be trading early on Mon which is also why I traded Sun night.
FWIW the USD is stronger today after the ISM numbers. They're expecting it to rebound this year after a bad 2010. Stay tuned. http://www.barchart.com/chart.php?sym=DXH11&t=CANDLE&size=L&v=2&g=1&p=I:10&qb=1&style=technical http://www.marketwatch.com/story/dollar-gains-ground-before-ism-manufacturing-2011-01-03
Sure. Pullback buying opportunity turns into more than a pullback. And really short term support fails. Those are really some finely tuned calls. Do you have a stop if you get filled at 92.08? What if that's the pullback level? Market's looking pretty bullish so far obviously, but CL so far didn't participate in that last little run up a while ago, but now it looks stronger. BTW USD has pulled back again. Poor baby. BTW were assuming that you took a profit on your 89.06 entry. Yes? Also FWIW there were some really large buy orders on TF around 7:15 PDT at the 797 level. Jumped ahead of those and made a small profit, but didn't hold my position long enough. They seem to think this is going higher. Looks like it could be one of those days or maybe it will stall out as your strategy suggests. Stay tuned.
LOL after i put that trade on I left for the day and got filled at R1 shame it ended up going to r2 Well.. my stop and reversed got reversed but no follow through. I guess that obvious TL was only in my head. I have a trailing stop tracking 21 ema on 5 min, I won't say how much due to superstition but if it gets back above 92.30 I'll probably be out. Oh yeah I'm targeting 91.40, pretty obvious support level.
sons of bitches I just mention the word stop on here and they try to chop me up. God damn this chart is so pretty it goes up and fills in goes up fills in. Oh well, back to the drawing board. I have been liquidating all my equity holdings to make it feel like I have made money today. vol is so cheap right now I think I'm gonna go buy 20 es puts at different levels and see what happens. 2011 = higher oil= lower stocks!!!!
After a nice session of BFBC2 i come back to see my original conclusion would have worked out ok, maybe not .40 but it got pretty close. So now what? Was there some data that cam out at 2pm est or something? I guess we have support at .50 now so buy and use that as a stop or wait for a break of that level to short? Who knows time for a beer and try again tomorrow for now focusing on ES.
Yeah it was a good call after all, but just short. Timing, timing, timing. Like you say support looks like I'd say 91.40-91.50. Will it hold that? We'll see. I'm tracking TF. Looking for an end of the day move. We'll see what 12:35 PDT brings.