NexusFi: Find Your Edge


Home Menu

 





Swing trade in CL


Discussion in Traders Hideout

Updated
      Top Posters
    1. looks_one brirob14 with 3 posts (0 thanks)
    2. looks_two josh with 1 posts (2 thanks)
    3. looks_3 Quick Summary with 1 posts (0 thanks)
    4. looks_4 Blue Eagle with 1 posts (1 thanks)
    1. trending_up 1,340 views
    2. thumb_up 3 thanks given
    3. group 4 followers
    1. forum 5 posts
    2. attach_file 1 attachments




 
Search this Thread
  #1 (permalink)
 
josh's Avatar
 josh 
Georgia, US
Legendary Market Wizard
 
Experience: None
Platform: SC
Broker: Denali+Teton
Trading: ES, NQ, YM
Posts: 6,326 since Jan 2011
Thanks Given: 6,942
Thanks Received: 18,600

Last night I took a long in CL at 62.56, about 5 ticks from the very low. It took me a couple of tries so I'm down 25 ticks, but in the money 75 ticks as we speak. I think a bounce of 500 ticks is reasonable, based on what I see on the chart.

One of my weaknesses has always been that I want to take the money and run. For some methods this works great, and sometimes I trade this way. But on this trade, we're down $15 in a month and think if we do snap back up, it could be rapid and could see $5 in a matter of a few days. Even more, I'd entertained the thought of just holding, maybe we get a break back above previous highs and oil skyrockets over $80.

It's premature as the market hasn't even opened and we could drop like a rock and all of this would be moot, but: any suggestions on how to let this go and hold for days, if it happens to work out?


Started this thread Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
RSI Values Scale
NinjaTrader
TOS inspired trading simulator
ThinkOrSwim
Equity Monaco download file?
Psychology and Money Management
DOM in QTrader vs Bookmap
Platforms and Indicators
IBD Accumulation/Distribution Rating
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Big Mike in Ecuador
11 thanks
Just another trading journal: PA, Wyckoff & Trends
8 thanks
Want your NinjaTrader indicator created, free?
3 thanks
Gradient Divergence Trading
2 thanks
Knowledge Nuggets from the Web
2 thanks
  #3 (permalink)
 
Blue Eagle's Avatar
 Blue Eagle 
vancouver British Columbia/Canada
Legendary Market Wizard
 
Experience: Intermediate
Platform: Ninja Trader
Trading: CL
Frequency: Daily
Duration: Minutes
Posts: 1,922 since Jan 2013
Thanks Given: 8,083
Thanks Received: 8,223



josh View Post
Last night I took a long in CL at 62.56, about 5 ticks from the very low. It took me a couple of tries so I'm down 25 ticks, but in the money 75 ticks as we speak. I think a bounce of 500 ticks is reasonable, based on what I see on the chart.

One of my weaknesses has always been that I want to take the money and run. For some methods this works great, and sometimes I trade this way. But on this trade, we're down $15 in a month and think if we do snap back up, it could be rapid and could see $5 in a matter of a few days. Even more, I'd entertained the thought of just holding, maybe we get a break back above previous highs and oil skyrockets over $80.

It's premature as the market hasn't even opened and we could drop like a rock and all of this would be moot, but: any suggestions on how to let this go and hold for days, if it happens to work out?


Well, I don't feel qualified to offer much in the line of suggestions but it seems like simply a matter of perspective. I have money in a savings account that I don't even think of as "my money". I think to let it run you gotta do that kinda thing. Pick a target and assess strength or weakness. Most likely you will lose some on the far side as negotiate where to get out but you are in at a great area (if we get strength today, which it's looking like right now).
I was looking at a move down to 61.50 for a crack at a long but you may have nailed it. If we get a good move today you will have nothing but the quality problem of how much profit do you want to take. As a guy who picked 76.50 as a good short area (before I lost my shit that day) I would have robbed myself on the strength of the move... so my advice in short?...think big. Go for new highs and follow your stop according to strength .
You should get more info soon... good luck...
Craig

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #4 (permalink)
 brirob14 
Tampa, FL
 
Experience: Intermediate
Platform: TradeStation, NinjaTrader
Trading: Futures
Posts: 5 since Feb 2014
Thanks Given: 3
Thanks Received: 1

I’d recommend to stick to fundamental market theory of support and resistance.

Observe how the market reacts at key levels for clues. If you have multiple contacts you could scale out at logical targets to improve your theoretical average then keep a couple runners in play in anticipation of new highs.

Best of luck with it!!


Sent from my iPhone using NexusFi

Reply With Quote
  #5 (permalink)
 brirob14 
Tampa, FL
 
Experience: Intermediate
Platform: TradeStation, NinjaTrader
Trading: Futures
Posts: 5 since Feb 2014
Thanks Given: 3
Thanks Received: 1

Consider the concept of work. If the buyers are working hard to move price higher and they’re getting paid for their efforts this is a good sign for your position. But, if they continue to work yet gain no ground that could be a clue to take partial profits.


Sent from my iPhone using NexusFi

Reply With Quote
  #6 (permalink)
 brirob14 
Tampa, FL
 
Experience: Intermediate
Platform: TradeStation, NinjaTrader
Trading: Futures
Posts: 5 since Feb 2014
Thanks Given: 3
Thanks Received: 1

Finally, hopefully you know the statistical harmonic rotation of CL so that you can keep your stop outside of that rotation.


Sent from my iPhone using NexusFi

Reply With Quote




Last Updated on November 7, 2018


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Sitemap - Downloads - Top
no new posts