"Tough guys" that "don't use stop" trading CL will soon find out they're not so tough, but only foolish. And more than that they'll find out they're broke. ADD And as far as "Stop is for the weak and feable-minded." Actually stops are for the intelligent, experienced trader who knows what's up and knows how to trade.
You know Notes123, one of the things that separates this thread apart from other threads on ET, and even more so from threads on the Yahoo message boards and other forums, is that people treat one another with respect and don't engage in personal attacks or put downs. Everyone here, except a few occasional new posters, for the most part is supportive of the other posters and not aiming to put them down. And at least for me, when someone comes along occasionally and somehow misses that, as someone did in attacking me last week even though their posts made them look foolish later on, I put them on ignore. There's enough conflict in the world in general, we don't need to add to it here. Trading itself presents its own challenges. Better to try and be helpful rather than critical in trading and in life. InvestVision has contributed greatly to this thread and continues to do so on a daily basis. How about you?
After posting trade posts , I realized I may want to trade in private given the sensitivity of humanitarian situation we have today . That is the reason those posts were deleted , not for being wrong , my huge loss/profit trades show few ticks won't make difference to my trading.
Please note that a personal opinion matters only insofar as it is beneficial to everyone. While rambling is not discouraged, I ask everyone to maintain the integrity of this journal by keeping it civil and, moreover, within the confines of the rules stated at the outset. Just a reminder for those who might have otherwise overlooked those rules, they're regurgitated here for your convenience.
Notes, if you want to make posts like this, make them at the NYMEX open, not after the entire day has played out and you can look at the chart after-the-fact and tell everyone what they could've done if they could travel forward in time. I'm very proud of being weak, feeble-minded and profitable, and also would like to thank the tough guys for giving me their money On the subject of stops, we've been running our ATS live and there's been this little concern because it sometimes waits a long time to move the initial protective stop to lock in a profit after the trade has moved nicely in our favor. So this morning it went long the NYMEX open and price broke out hard. It was over a full point profitable and I took a peek to see how it had adjusted the stop after a strong run like that and the stop had been adjusted from the .21 initial loss provision up to + .10. :eek: (Don't worry, we manually bumped it up a bit.)
You're not satisfied with + .10? You seem to have missed all that I've been trying to teach you. We'll have to go over that again. Hope you're not turning into one of these "breakout freaks". ADD Or if you would like to focus on "breakouts" we can supply you with the BCE Early Exit Breakout Indicator or BCEEEBO (pronounced "Bee Sea Bow") As noted the other day, when BCE exits a winning position for a few hundred dollars, following the indicator you enter in the same underlying direction with size. Generally good for a point or two. (Point of interest for those reading this - If I playfully poke fun at you in a future post, don't take it seriously and be offended. I mean harm to none, am a playful person, and as is noted here often engage in self-deprecating humor. )
Very bold of you to jump in at the open. While it coincided with the Friday low, it looked so damn weak at the time you had to have a nerve of steel to buck the trend. I personally thought we were dropping right back down to the low.
this Saudi 1,000 Saudi soldiers news is is posted at l 8:52am EDT , I still missed it myself to see timely and only noticed few hours later. - this definitely providing support to oil price today. - Did anybody on this forum noticed this Saudi news around 9 am EDT , did I miss any posts on our thread . - we are still missing important news events after being labeled as spam poster
Here we are with paper SIM account 1/ the account took big hit right after the start 2/ I thought of closing positions today around 100.30 levels for loss , then came this news event 'Bahrain' which is providing support. 3/ I know this will attract criticism of you ignored while it is low , now coming back when price is rising . As I said above I am ready to take $3 loss if it was not for Baharin news event. (had many opportunities since trade started to get out with $3 loss). Again you have to see this is POSITION trade with max 5. trades/week allowed NOT Intraday trade. 3.2/ $3 draw down is close to 22% draw down for this account which is not acceptable in many cases . 4/ this trade so far took huge drawdown , I would say $3/contract draw-down is reasonable to assume. I won't consider those steep lows as there were lots of opportunities to get out with $3 loss and this is POSITION trade not Intraday. 5/ moving forward I will update comments once in 2 days even if no trades , to give my perspective and to avoid confusion. 6/ treat this as academic study where we all can learn some thing, this is NOT praise/criticism of anybody trading style. 7/ Now adding a 'limit sell' at 102.89 comments welcome ...
The ATS is programmed to be a pure dumbass price action pivot trader and if there's a setup that passes the "anti-chop exclusion" criteria, it arms itself to pull the trigger without regard for those trivial things like trend, moving averages, major news events, "looks like a weak POS", etc. It scares the hell out of me half the time when I realize what it plans to do. That said, the price trigger point for the opening long coincided with solid confluence on the 1-min chart, allowing for a tight stop (the ATS uses a .21 initial stop regardless, but a .13 stop was reasonable for this trade based on the 1-min chart). Because we closed the trade manually, we have no idea whether it would've exited at a similar level, or would've held for the next push into the 100.80's. In the past, it's held through small consolidation flags, but this move had a pretty strong pullback that breached the last 5-min containment bar, which may have triggered the same exit as our manual exit. If I ever allow a trade taken by my actual self or my automated self to give back .90 of a 1.00+ unrealized profit, please perform an intervention