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Hey richw, yeah I have been stopped out for small gains a lot recently. Feels good to get a decent winner today even though its only 30 bucks but I will definitely take it.
My method, no nothing new. I am continuing with selling highs and buying lows. I am implementing a trailing stop placed manually as the market goes in my favor which explains the small gains the last few days, just getting stopped out constantly.
When the oil market starts making new highs/lows for the day I get very interested to fade the move and a lot of times it works out. I am continuing to back test my method. Its not perfect but it suits me. I just need to exit losers a little quicker, maybe for like 20 tick losses instead of 60-70 tick losses like I usually do.
Thanks for the response. Might I suggest that you look at combining a simple high or low with another component that will increase the likelihood of your high or low providing profit, such as a lower Bollinger Band or a moving average or RSI or MACD, etc. Look for two or more factors which will gave your trade a greater probability of success.
just a thought, have you tried being only lon gor only short?
what i mean is you say ok this month I am only going to go long oil or i am only going to go short oil?
i have found that only looking for one side of the trade either long or short all the time has helped me tremendously to understand the markets i am trading.
it is highly advanced to switch long short all the time instead of being just a bull or a bear. in most of my trades 90 % of them i am only looking for decent longs
i did some crude oil trades this morning. seeing how i felt trading it versus the indexes. i have traded most markets but i do see how crude can sneak up on you very quickly and out of nowhere poof a dollar run out of nowhere. i am thinking and dont take this the wrong way it is not a perosnal judgement but there is a comfort level that mut come from trading. the fear of the markets crashing or coming to get you must be dealt with on every trade.
once i relaized that was a bunch of nonsens i started trusting my intincts and what i saw and started trading better. the mkt underestands people spook easily and it tries to get people out before it moves bigger anyway do you have a comfort level in the micro crude?
cna you put on a position no stop and walk away for 10 minutes an hour?
i put the crude trades under my daily trades jurnal feel free to comment
That is an interesting idea. If I went only long or short it would be almost guaranteed that my win rate would be 50%. I have not tried this. I like to fade the move typically so this means I sometimes go long and short in the same day depending on the price action.
