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Open positions = -3 @ 96.46
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Wednesday, May 25, 2011
From Sunday evening 8:28CT: "So if I feel it may top out at 101.42 with +-$0.37 ie 101.05 to 101.79, a range of $0.74 or $740 per contract, then I would add $740 to initial RTH of $3,375 = $4,115.
Total capital of $52,390 / $4,115 =12.73 or 12 contracts."
So on Sunday 3 days ago I had a topping action in 101.05 to 101.79. Today it topped at 101.10 at 10:46CT - 5 pennies above 101.05 and within the topping band. Think of how much I would have saved myself if I listened to myself.
I tend to make implusive moves and the sell towards the low on Monday morning was a classic!
It broke so many rules that I hate to look/think about it. It practically destroyed my pyramid. It played into the hands of the manipulators and their cheaty little mid-session change in margins. In so many ugly ways it was a blunder.
Yet from the dust of blunders comes learning.
I knew that trading within a consolidation band was risky.
I knew that Monday's sell was in a rush.
Gann's biggest rule is
"when in doubt stay out."
and
"If in doubt get out."
Well enough beating up myself, past is past.
I've put in a sale for 1 at 100.65 at 11:16am
Nap-time!
is a goddess associated with love, beauty, fertility, gold, seiðr, war, and death. Freyja is the owner of the necklace Brísingamen, rides a chariot driven by two cats, owns the boar Hildisvíni, possesses a cloak of falcon feathers, and, by her husband Óðr, is the mother of two daughters; Hnoss and Gersemi. Along with her brother Freyr (Old Norse the " Lord"), her father Njörðr, and her mother (unnamed in sources), she is a member of the Vanir. Stemming from Old Norse Freyja, modern forms of the name include Freya, Freja, Freyia, Frøya, and Freia. Freyja rules over her heavenly afterlife field Fólkvangr and there receives half of those that die in battle, whereas the other half go to the god Odin's hall, Valhalla. Within Fólkvangr is her hall, Sessrúmnir. Freyja assists other deities by allowing them to use her feathered cloak, is invoked in matters of fertility and love, and is frequently sought after by powerful jötnar who wish to make her their wife. Freyja's husband, the god Óðr, is frequently absent. She cries tears of red gold for him, and searches for him under assumed names. Freyja has numerous names, including Gefn, Hörn, Mardöll, Sýr, Valfreyja, and Vanadís.
Wow you guys really have a lot of information in here! Enough to confuse the hell out of me haha. I am a simple trader I guess, just basically use fibs mostly on my own trading.
here a big picture chart.
wedges don't show which way they'll break (i.e. up or down).
My preference is to down indicated by the comments.
(For Monday perhaps a high around 12pm = noon CT ?
perhaps 101.90 area - note 101.9425 = 5/16 level )
For those who day-trade crude - there are some really big moves and my thoughts are to go to larger targets, wait for the move to start, and use a wider stop and very low contract size (e.g. like 1 rather than a tighter stop and 3.) That is adapt to the current wide ranging days.
A zig-zag hand chart for the moves since the big drop could be helpful.
Using the numbers above if it rises to 101.90 area +-.25, and then turns down, say below 101.57, then sell with a stop above the high by 15 cents and a target of about $2. (98.42 = 3/16 level).
