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What is high and what is low? Putting out PIE IN THE SKY levels for day trading have NO value.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
I let others do macro analysis and present it to me. It's each trader job to decide which information to use and which one to discard. Analysts can not be traders and traders can not be analysts. It's important to stay in your LANE.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
DB diverged with a HD on the 2nd leg.....add .45 and you know where the exit door is!
If you can keep your wits about you while all others are losing theirs, and blaming you....The world will be yours and everything in it, what's more, you'll be a man, my son. - Kipling
Good to see you around. Post whenever you have time. I missed the long but shorted as CL came back up to 48.90 area.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Past perrformance only gets your foot in the door. It's not easy for anyone.
" Arvind Raghunathan, former head of Deutsche Bank AG’s global arbitrage business, started his Roc Capital Management in July 2009 with more than $1 billion, only to return client capital four years later because of losses.
Pierre-Henri Flamand, a former Goldman Sachs Group Inc. proprietary trader, flamed out even more quickly. He opened his Edoma Partners in 2010, immediately raising $2 billion. Poor performance forced him to close shop just two years later."
From Bloomberg.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
52.45 during last Thursday Globex session and now CL hits 47.28= 517 ticks down.
Utter destruction if one is on the wrong side. One sign of being on the wrong side is that one can use whatever STOP LOSS and still get hit. That's been the case for traders who have been trying to trade from the long side - especially SWING traders.
If Iran Nuclear deal does not come through (end of the day today is supposed to be the deadline) shorts better watch out and i am one of the shorts.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Is anyone else trading? I would like to see how some of the other traders are trading. It hardly benefits anyone if just one trader post - that's the reason i closed my journal. I thought there are some new traders here so we may get differnt points of views.
2 trades for the day.
1) short 48.08 NY open , Cover some 47.70 and stopped out on rest around 48.25 area.
2) reshort 48.53. Cover 48.10 and 47.80.
Looking for CL to test new lows unless 49.50 area gets taken out with force first. That's the reason i am hesitant to try longs at 47.50 etc because it can drop like a rock. It does not have to but that's the danger of picking bottoms. Same old story- do not initiate a new short after 100 ticks down move like shorting 47.70 etc and do not initiate new longs at 48.50 etc after CL is up from 47.30 area. I follow this RULE and ignore whatever indicators are showing. For example, they were showng to go long at 48.30 and short at 47.73 (lol). One has to know under what circumstances ones indicators give false signals. In chop zone/enviornment basically indicators are way too lagging and good for scalps at best.
Lunch hour chop festival at display.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
I am probably done with oil for the day, just above flat overall. I don't know that I have any comments about it. Caught part of the downtrend at 9:45, but didn't get nearly as much out of it as I could have. I wouldn't say it is being difficult to trade today, but that I am being difficult in trading it.
If CL gets to 49 and beyond etc looking back it will look like that going long at 48.20 etc was best trade and if CL is at 47 and lower , it will look like shorting CL was the best trade.
Question always is if a trader has a trade ON vs just day dreaming. Day dreaming is a common disease among day traders. If a trader set up is just no there to be taken advantage off- then it's best to sit on hands.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.