Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Got handed a lesson in stop survival. CL still on steroids. I played on sim at first. My first trade moved to BE+1 and I got 3 ticks of slip on the close! My next 2 sim trades netted me 50 ticks, so I decided to lock and load and play for real.
CL Trade #1
After a massive red candle at 06:05, there was a 50% retrace. Timed a perfect entry off the 1 min chart with my 8 tick stop. Got filled, got a retrace of 9 ticks, then a drop of almost 70 ticks. The signal bar was only 12 ticks high. I needed a 14 tick stop on this to have done it right. -8 ticks.
CL Trade #2
Undaunted, I entered short again off the low of a small, gravestone doji. There was a tiny bit of revenge associated with this trade. This would have been a stop out even with a proper stop size. Got 1 tick of slip for my troubles. -9 ticks.
Traded CL 7 more times in sim for a net of -7 ticks. Don't know how realistic the fills were.
I had been focusing so hard on CL I missed a trade in the Euro for a BE.
6E Trade #1
After pushing higher, 6E dropped below the EMA and made a LL. There was a violent push up past the EMA, but the next bar failed to make any headway. The 08:06 bar failed and I entered short under that bar. Trailed my stop down after each bar's close. +8 ticks.
Camtasia is broken - couldn't even start the recording. I'll play with it later if I have time.
One mistake in mechanics and one mistake in judgement contributed to my loss today.
CL was still very jittery, so I played on sim for the morning. I was careful to make sure my stop was beyond the signal bar in most cases. Did pretty good, so I decided to play with real money.
CL Trade #1
This was a rule violation by not letting a bar close before I put a trade on. CL made a nice drop through the EMA after failing to make a HH. On my signal bar, I watched the 07:35 bar make a double top with the previous bar, then start down. It made a bottom at 96.94 then moved up slightly and sat there. There was about 3 seconds left on the bar when I put my order in. Price dropped violently, filled my order then pushed higher for a full stop. Very impressive. -12 ticks.
CL Trade #2
The bar that stopped me out didn't break the EMA, and the next bar was a small red inside bar. Went short below that bar, but was stopped out. -10 ticks.
The Euro had been in an uptrend, and the first short pullback entry was right at that 60 minute ascending trend line. I pasted on the trade, but it was a winner.
6E Trade #1
Price didn't make it above the EMA after the previous leg down, and was now below the 60 min trend. Got in on a pullback off an inside doji. Only had 5 MFE so I kept my stop in place. -8 ticks.
I'm OK with my 6E trade, but it wasn't too smart to play in the oil patch today.
CL Trade #1
CL was finding support at 97.50 but was showing weakness. Put sell stop at 97.49 and got 2 ticks of slip on the entry. Was looking for at least 97.20 but it found support at 97.26. Moved my stop to BE+10 to get something from the trade, but got 1 tick of slip. +9 ticks.
The 60 Min chart on the Euro was had some overlapping bars, but the trend was up.
6E Trade #1
Got a couple of big green bars, then a slight pullback. Entered above the doji. No real follow through. +1 tick.
6E Trade 32
Didn't like the look of the 60 min chart - lots of overlapping bars. However, this setup was correct. After a leg down, got a 3 bars up and just touched the EMA. Stuck with the trade for 2 more bars, but didn't get the follow through I was looking for. The 08:45 and 08:48 bars formed a double top, so I thought it would be safe to move my stop to 1 tick above that. Got stopped out on the next bar. -5 ticks.
Oil was in an uptrend that looked tired. The 07:45 leg up failed to make a HH, then there were some red candles that pushed it under the EMA. The 08:15 bar closed at the EMA. The 1 min chart had been skimming along under the EMA. Entered short and was looking for a test of the 98.09 pivot low, but didn't get it. +2 ticks.
Amazingly frustrating day. Looking back at CL, a baby could have traded that. Baby yes, moron no.
6E Trade #1
The 60 min chart was up big, but this was a valid setup. What I failed to remember at the time is a failed pullback usually means take the opposite trade, especially when your failed pullback was counter-trend and the opposite was with-trend on the higher time frame. -5 ticks.
6E Trade #2
Tried to get back in the trend. Only had 12 MFE before stop out. +1 tick.
I was writing in my journal and totally missed the next pullback signal. Would have been another BE+1, but still. Need to focus more.
6E Trade #3
Price looked tired and I entered short under a doji that just pierced the EMA. I was expecting price to fall after breaking 1.3868 support, but not very much. That was my signal to go to BE+1 but didn't. Wanted to hold out for more. When price came back up to entry, it fluctuated +/- a tick around entry. Moved to BE-2 to get out. -2 ticks.
CL Trade #1
Nice pullback entry off the 1 min chart, but got shaken out. +1 tick.
CL Trade #2
Really a dumb trade. Price fell to 99.61 support, then made a second attempt. I missed the trade and was feeling frustrated. Clearly that second bounce off of support means no short trades, but this was an anger trade. -8 ticks.
Didn't feel like chopping up the video, so no new vids.
What's really frustrating about this is after reviewing the recording, I was aware of some great trades but didn't take them. Like the trapped traders on the 08:05 bar. In sim, I put a long position on at 100.40 and got a great trade. Or several of the other trades I took in sim that worked out too.
(take the spaces out) 
