Fair enough comment. My criteria is to have as little as possible DD, one of the ways to do so is to trade a longer term chart off a much shorter time frame's set-ups, that's basically what I do. I always scale out of trades, on previous 2 occasions here it wasn't worthy to scale out. But nevermind that, that's just 2 trades. That's why we use appropriate r:r, that way small losses are offset by bigger gains. I also understand your idea of trading with trend, I do do it also. It's just I do see a possible, potentially a fake, thrust towards the highs, so I am trying to take a stab at that
What is the reward per trade you are looking for ? and with this much volatility small stops will not reduce ur risk but instead keep u stopping out can u plz elaborate ur strategy?
Stopped out, pattern failing, so I will not persevere with any more counter trades for time being. When you wrong, you wrong
Basically you ain't wrong, BUT as I consider myself an experienced momentum trader I almost always enter off 1 min chart, so on most occasions I am in before there is momentum acceleration and I scale out into strength of a move, as trigger is taken off a 1 min chart with its miniature oscillation cycles I am able to reduce stop size to its bare minimum. Certain traders standby reacting to price performance, I am more of a anticipator If you do follow my posts you would see that I do manage to make it work, recent catches were Gold BO out of daily pennant with minimal stops, getting into crude off the extreme TL with a very small stop, many more index futures trades. So I am not saying you are wrong, I am only saying that it is possible to nail longer time frames' oscillations off a very short term chart.
Partial Scale out here for $1+ gain, not much, keeping 1/3 long, there is still a chance for a BO as lower TL held support
Well done JS. I'd like to thank both you and usman for this thread... it's nice to see some comentary on oil for noobs like myself. Good Job yesterday usman. Chrs Stef
TY digit man ! I see another thrust in the making, maybe crude DTs and tumbles further, but another thrust is in the making.
Thanks got out of long @ 8695...made a couple of trades for 10/20 cents now I am short at 8750 for $1. It will go down to 8650 in 1/2 hours