The CL/NQ experiment

4 trades today.
Good stats definitely would change the overall picture.
Another thing I have to change is take ALL trades.
Without that, my stats will be worthless.

 

I had 1 of my worst days in recent weeks.
After not taking 1 good trade and getting out of another 1 too early I decided to take ALL trades.
It was an black eye opener but the positive is that I will have to really start using a maximum stop trading mechanism in place.
Some days are just not profitable even with proper setups.
I did not pay attention to S/R zones so that is something to look at as well.

 

Lost quite a bit this week.
Back under water.

 

Check out dbPhoenix's threads, good stuff.

I draw lines across those swing levels. That 5th trade you took long was right at the top of a channel, a solid place to take profit on a long and reverse short. Now if it broke out upside and then pulled back to the breakout and turned back up, then it would be a reasonable long, but not the first approach.

 

Thanks for the suggestion ND.
That level of the 5th trade was my target in a previous trade.
I took the 5th trade b/c I had a valid setup.
In my recent back-testing I did not look at S/R levels and the results were good.
I may have been lucky that I missed situation like my 5th trade today but starting next week I will combine those level with my setups.

Gabe

 

And if you don't mind me saying so. Find a way to hang on to the second trade. That short. I know that quick snap back feels like a reversal but I've learned and am still learning that CL likes those fast PB that then die. This PB stopped right at the prior swing low. Sometimes they'll go a bit back into that range then reverse back down.

Took me awhile to turn that discomfort into 'stay calm this is still normal"

Anyway , easy for me say.

 

Can you post a chart as an example?

 

let me know what you think. Several reasons to stay in trade.

and maybe ND can confirm ?

 

That is the trade that I cut short and there was a 2nd opportunity to go short just below this one.
The trade that I cut short moved 44 cents in my favor and the 2nd opportunity moved 32 cents.
I am not sure why I got out of the trade so quickly.

 

yes that's my point. Understand why you got out early. Likely because price snapped back and either you panicked or you misread it as a reversal.