Hi Jas, I was bothered by the choppiness too. Not patient enough. The biggest mistake was to miss three setups in a row within 25 minutes. Finally, end up with one scratch trade.
Hi Moonmist, Looks like daily chart is contracting within the on going range. Hopefully we get a break out soon. Why did you miss three trades if you don't mind me asking ? Away from platform ?
I missed several trades in the morning, and decided to take a long lunch break. When I came back, and opened the charts, I missed the first setup already. Frustration was building up. One mistake led to another. I ended up missing all three.
@jas_in_hbca: Couple of days ago I mentioned, based on my analysis of CL, that the expected target was around 61.50. Today, there is some weakness showing up (price is trading around 61.xx as I type). So, based on today's close and how the open looks like tomorrow, price might or might not test my expected target. For all practical purposes, you, most likely don't care what I think ('cos you are a trader and you can make up your own mind), but since I had given my opinion earlier, I felt completed to provide an update. Looking back, I should not have given my views about the market in the first place. That would have made it unnecessary for me to provide this update. Lesson learned. Hope you are having a good trading day. All the best. Regards, Monoid.
Hi Monoid, Thanks for the follow up but yes, my holding periods and methods didn't take that target into consideration. It look like price did make it there though; within 8 ticks. Nice ! =================== Strong move in a.m. caught me by surprise and I was unable to get an entry. The continuation afterwards was choppy. Not a good day for my methods which are Pullbacks, reversal of extended moves and range breaks. -54 ticks today Fading at S/R levels is something I don't do but needs to be something I add. It would work well in choppy markets and likely offer good R: R. Frustrating day. Just when I think I have potential for greater consistency and I'm seeing my account growing, a day like this knocks me back. I'm not sure if more screen time will help or if the occasional 'off' day is something to get used to. Time will tell. I suspect part of the equation is me being more patient and not trying too hard, which I think I may have slipped into today.
Hi Jas, It is a tough day for my trading style too. After the double bottom pullback long entry, crude oil basically just chopped around for the rest of pit session starting around 10:30 AM Eastern Time.
Still me getting in the way of my method. Perhaps, best way to describe it is I'm trying to hard to make money and it results in ignoring context. Traded in chop again. This discipline thing is not like a switch I can simply turn on. There have been times were I think I did do that. Lately , last two days, I'm not. That's I guess where I am or back to; looking for more patience and discipline. Frustrating but possible. Starting tomorrow. -30 ticks today.
There are interesting ways to maneuver in chop. Feel free to drop me a line if you want to "talk chop" sometime.