Hello All CL Long 96.57 exit 97.68 - I trade about once per week This Journal will record my Oil trading At the moment, thats a single CL future otherwise, USO or others might be used In the future, I'll attempt to file the journal entry soon after entry - I regard today as being a bad entry (missed about 20bp)
not sure about your timezone. You entered either on 21 Jul end of the US session or 22 Jul Asian session opening Your NYMEX CL entry was bad not because you missed by xxx ticks but because you entered too early (when the uptrend was not established). the CL uptrend was only confirmed a few minutes/hours after your entry, and after the Shanghai INE oil futures market opened. All the best mister.
Many thanks for the insights on the trade, am GMT + 12 Usually enter EOD, that trade was just after EOD
I guess you have a full-time job. so you cannot be at the computer screen for many hours. for the past 2 working days, oil has been down decisively & massively. so at this moment, oil is in the resting stage. ie the trend is not determined. Now we don't know how the big Asian traders are going to react. you have to wait for a few more minutes / hours. perhaps wait for Shanghai INE oil market to open. and see if there is any trend.
Thank you for the Trend views, you're right I do have a job and avoid too much screen time. I noticed it "rested" for the Asian session, and just moved at the open of the US session I'm not following its trend so much as its correlations and IV. I find the comments on trend interesting though can not necessarily convert its trend to a trade, as far as I could see it could be contrarian; I'm not much of a chart reader but respect the fact others can be good at this art.
noted. I think your stop loss was at 92.2 level (ie 150 ticks) which is around the previous day's low. so you reward: risk ratio is < 1 which is bad. You need to aim for RR > 3. crude oil is very suitable for day trading; ie have to stare many hours at the chart so as to enter at the right moment. just for your info ; decades ago, I had a full-time job in MMC and I had to work like hell to be a full-time trader. so I understand the situation you are in.