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Catching Big Waves - a trader's journal of surfing the the markets
12-15-2011 long and short trades for cl. In the past i used to wait for a confirmed A up or A down to take a trade. With my OR of 45 minutes, i used to miss a lot of set ups.
Then a fellow trader showed me a way to anticipate A up or A down. Basically, break down of a box or breakout- depending upon whats the overall trend is.
smaller size for re shorts if shorting area is close to support. Thus, bigger size on shorts @95.20 vs 94.50 etc.
When one potential short area is taken out , I go long on pullbacks. For example, my first short on bounce was 94.44 with 94.52 stop loss. I got stopped out. I am long now from 94.16, expecting cl to hit 94.80. stop loss 94.99.
I like Gary stop loss better than mine 94.99. Moved stop loss to 94.95.
Big Mike
Manta, Ecuador
Site Administrator Developer Swing Trader
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,473 since Jun 2009
Thanks Given: 33,250
Thanks Received: 101,677
Appreciate the details.
But, is this normal for you to feel this way? I would suggest you are trading a bit too big if so.
I prefer to trade a size where my butt is firmly planted at the back of my chair, my feet are flat on the ground, I am not arched over my keyboard.... etc.
Usually if I find myself in the opposite position, it means I should get out of the trade.
I know and agree that taking trades where others refuse to take them is part of the business, but you don't have to take them with such size that you stress out.
To give me something to do other than stare at this stubborn trade;
If I imagine each time I move my stop, it is now a new trade, which is somewhat what I do, the reward to risk ratio changes as I go.
GaryD
Orlando, Florida
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011
closed -11. Going to wait for more info
GaryD
Orlando, Florida
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011
My initial stop below the low pivot would still not have been hit, but I was wrong about my entry timing and can always get back in. I think my first stop placement was about 35 ticks. Not a stop I actually like to see trigger. I may be thankful that is protected me, but I should be able to tell before that.
If a re-entry is warranted, it should provide enough opportunity to offset my indecision along the way.