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Whether or not a 7 to 10 tick stop loss is plenty or not, will depend upon your entry. Heck a 4 tick stop can be sufficent enough on the CL to prove if your right or not, but that depends on where you entered and what the next bar did.
I've never been able to get it down to something so small as 7 ticks, and it be consistent. If you have, and can, my hat is off to you. But for me alot of the time it backs up on me soon after entry. I know that on a good day, I can get such and such a number of trades before I start getting stoped out. But in order to know if I'm right about every single one of those, I have to have a 15 tick stop. I often move it to much less. But their is no way of knowing what that next bar will do.
But all that said, sure, if I could find a way to reduce it and still end up "UP" I would. I have tried....anyways thanks for the post.
Can you help answer these questions from other members on NexusFi?
Steve no I dont. Things can change so fast here. At one minute you think this, and the next it does something and all of a sudden a different direction looks more likely. So not I dont. Would be to slow. I've looked at it alot in the past, but just doesn't work for me.
So I feel good about what I did today. So far, and it's 10:47 as I write, it hasn't done much. Went to IB high, back to IB low, which is just fine by me, because I almost always get that. My last trades I traded more than 1 contract, and then added 1 more to it. I was so sure of this, as sure as anyone could be. Of course we all know that anything could happen. However being as it had tried and tried to go through the IB High, then volume steped in and drove it down, going to the IB Low was highly likely! Of course I didn't wait for it to get their to take profit, that would be insane. I was up, up for the day, I'm done. If it does more than this today, meing go outside the IB then so be it, their will be other days. Like tomorrow!
Oh just for kicks I also posted a chart on where "I think" prices will go eventually today, probable near the end of the day. To the IB high. I've seen this formation so much.
Yesterday I started using trendlines in my trading. I've never really been able to work trendlines into my trading because it seemed that either this indicator, or that would be saying just the opposite. But since I'm now really paying only close attention to "price action" and only using my indicators as a template, I can now "see" what I early couldn't. I guess that's what's happened. Trend lines do work. I can see that now. More than that they are used daily. They run to them, and bounce off of them.
I posted a 5 minute chart with all the lines I marked during the time I traded.
One more thing about trendlines. If prices start to rise, without a pull of any degree, then you must know that one is surely on it's way. If price has gone up, and you dont have atleast two points to mark for a trend line, then that second point will be made. That creates a trading opportunity for me. Either to fade to it, or buy off it.
So I've done what I wanted to for the week. I lost 255 on Monday and made 500, then over 300 today. So that's just above my intended goal of 500 for the week. So that's it for this week. See you Monday. Again, I'm doing this so I do not become overwhealmed. It's so easy to sit here and try and trade every day, but it's never worked for me. I know that starting on Monday, it's going to atleast move this much, and I can get that.
Cloudy. Yes. I drew the most obvious ones. I used to get so twisted on this stuff. I mean you can find a trendline anywhere, and any timne right. What I have noticed though is this. That as prices goes up, and pulls back if that trendline created is greater than a 45 degree angle, then it will form another trendline. That is a lesser degree than a 45 degree angle. Does this make sense?
Also I want to add that if you watch the CL you know it's in a huge sell off. But right now as far as on a Daily chart it's still going down. It's not counced yet to form a trendline, so we dont know where it is yet. So That is why I'm looking for bounces to the upside more than the downside. Once it bounces on the Daily chart, then we will have another point to work with and draw a trendline
Christ, well today sucked. Lost 590 dollars. I was right on the direction, and where it ended up, but I was way to impatient. Try again tomorrow. Lost more than I wanted to also for any one day too. I'm not going to beat myself up, I've spent alot of time doing that. To think a person wouldn't make a mistake is crazy. I've even heard Trader71 talking about how he lost as much as a small car in a day before. So try again tomorrow.