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Thanks for the clarification. I guess there is a typo on your chart on post 320. It should say Long -$160 and Short +120. Don't know if you can change it for the benefit of other members who may read your post in the future and ask the same question!
Yes.......I was trying to recover......but also trying to not be desperate and do something foolish and make the situation worse.......that has happened before
My track record has shown good results for achieving +16 and the wisdom of moving my stop after +8 first target has beeen achieved is still in question. So........I went for it and it worked out. It was NOT fun though......the second and third trade took too long to develop.....the only one that moved well was the last trade.....I call that one the "push into the close.".....Just like the "push into lunch" that we often get.
So...all I really did was open up my targets to what is usually my second target......the only discretion I used is in closing the second to last trade.........and I'm not sure that discretion was very good as price ended up going to my extended target of +16 and made a new low for the day.
I think the reason that trading CL was tough today is that most of the action had occured overnight.
I thought that I would take a moment to explain what I meant in post #313 when I said that I needed to have a good "forgetter."
Many years ago........when I was a college student I worked for a local building contractor. At the time we were doing a residential remodel for an elderly couple. The husband was a retired OBGYN and his wife had worked with him in his practice. During the course of conversation one day the wife noted that a "woman had to have a good fogetter or she would NEVER have a second child." (Had to forget the pain and discomfort of having the first one) I was amused by what she had said and reflected on a variety of other circumstances that would benefit from such a philosophy.
What does this have to do with trading???? Well........I think having a good "forgetter" is vital. You can't get too excited about a win and you can't get too excited over a loss. You are just a lean, mean trading machine.....executing your plan.......no matter what. Take your win....take your loss and forget them..... move on to your next set up. Don't let any emotions keep you from doing your job.
Obviously, when the trading day is over you can review the day and learn from the events of the day. BUT.....when you are in the heat of battle........YOU BETTER HAVE A GOOD FORGETTER.
Hey Beth one more question - I thought your inside bar strategy SL was 25 why did you change it to 16 on that first losing long trade? It worked out for you!!
Yes, all trades start with PT/SL @12 and 25. I adjusted it close to Sell Stop when it started falling. 25 SL is huge (actually I think 16 is big too) and every attempt will be made to close a trade with minimal loss.
Hello , as you will note , this is my first post , have been lurking long enough , time to try to contibute .
First ,my thanks to Jeff for this great program , btw, Jeff we are all most neighbors , I am down the road from you .
I know we do not trade this program after hours, but if did ,today would have been great . 9 out of 10 winners.
I am still in practice made , therefore , attaching my chart ( hopefully ) , for any comments, suggestions.
Thanks again Jeff and all the other contributors.
Vic
Do not know if this is the proper way to show the chart , if it does not work , will someone be so kind to instruct .
Welcome aboard. In examining your chart........it seems that you've got the inside bar and the outside bar trade down but...........there are some other trade on the chart that I do no recognize.........at least they do not fit the description in post #1. I'm not saying that they aren't good trades.......I just saying that several of the trades are not one of the "three set up" trades that we are talking about on this thread.
See attached chart. Six winners and one loser. The one loser (the last trade) you hadn't gotten to yet.
I trail my stops too, but be careful because you're opening pandora's box.
If we backtest (automated or manual) and determine that we should use x target and y stop, and then we trade it and add discretion we might not get the same results that we did with the backtest. It can be better or worse, it depends on the trader. A lot of trading goes against normal human emotions, so it's very possible to do worse. Experienced profitable traders will certainly be able to do better. Our normal tendancy is to take profits quicker and losers later. But taking loser too quickly (trailing a stop too close) or taking winners too later (giving them too much room) often doesn't work either.
My trade Entry bar, which later turned to a REVERSAL BAR was a bullish bar when I pulled my LONG/BUY trigger. I pulled the trigger based on the OUTSIDE BAR (the blue bar) at the left of the now REVERSAL BAR. The trade made an initial turn against me up to -$225; but later triggered my Targets.