I looked back at S/R, I just misread... I didn't think it would enter such a tight trading range so soon. I hindsight, oh yes, it was likely! Didn't realize how you were exiting so quickly, and why. That is a trading range day strategy... moreso than on trending days? I've kind of had Geez's "put it in and forget it" concept for all circumstances.
Thanks Steve, I'll have to look at the CL to really grasp what you are saying. Have to actually do it once or twice before it soaks in! What you are saying sounds exactly right and practical too.
Thanks Nodoji, I'll keep working on it. Especially the part about being positioned for the BO in the first place, etc.! And doubtless, your use of volitility is in and of it's self a consumate skill! Will think more about what you and Steve have said, we have over 20 people still visiting here and I've some chores to do!
Excellent post (I understand that you are <u>not</u> saying that Nod has no skill, but rather that she makes things easy for herself and then applies whatever skill she has).
es is the #1 best to day trade in the futures market. the reason is, too liquid. what i mean by too liquid is, es is perfect to day trade when not using stop but by adding to average down. when a market is too liquid, the price will not move extreme fast vs small liquid market like crude. The bid/ask spread on the es is extreme tight by 1 tick vs crude by 2-4cents or sometime 10-20cents for no reason
Poppycock! The only time the spread is more than 1 tick in crude is 15 seconds before a major economic report and the only time it's 10-20 cents is 15 seconds before inventories and occasionally in the minute after inventories. ES is extremely liquid for those wanting to move 100 or more contracts at a time easily. They trade differently and you can average down more easily with ES than CL without getting your ass handed to you. If you play levels with ES, you can trade it successfully with stops. Hooti definitely has what it takes to trade ES well. CL is a very different animal and one should take a lot of time becoming familiar with it in a safe environment before trading it live. The greatest skills you can cultivate in trading are focus, patience, trust, and the ability to choose and fully accept in advance the price you're willing to pay for the privilege of putting on a trade. Finding and defining an edge, then defining rules for trading that edge, requires pure sweat, hours and hours of your time. But the skill part of the equation is all about the psychology and I still have a looong way to go on that end.
Long ways for me too. But that is kind of the fun. It will take 3 vehicals to get everyone to the airport late today. Then I can dedicate my trading station again without having to think about 2 - 8 year olds getting at it! Best of the new year to all....
I'm pretty sure you could get the 8-year old to follow pure technical trading rules without any of that psychology garbage that screws up our trades