Been trying to develop a method/plan of trading for a couple of years now, and joined nexusfi.com (formerly BMT) about a year and a half ago. Tried indicators/trading systems and nothing fit the bill for what I was looking for. After following numerous threads about price action, I decided that it was the way to go. Strip away all of the indicators and look at how price is reacting. I have to thank VinceVirgil for his thread on CL trades, as this was exactly what I was looking for. His Slow Hand Method to Price Action has taught me a great deal on Price Action. I've been posting some of my trades within his journal, but with a push from PatrickS yesterday, I decided it was probably a good idea to start my own thread for myself so I can take responsibility for each of my trades and not clutter up Vance's journal.
I am following Vance's methodology of trading on a 800 tick chart for Crude oil. Mainly trying to trade second entries with the trend, but since the market is within a range for a majority of its time, I am also trying to learn how to trade the ranges. Trading two contracts at a time, first target off at 15, second a runner. Stop loss at 15 ticks.
With that, I am posting my first trade of today.
My thoughts were that after the opening, we may start going into a range with support from the overnight low around 92.92. Entered a second entry long, at the top of the bull bar, price fell just short of my 1st profit target, and I noticed a potential second entry short setting up, and it was with the longer term trend down. Scratched out of the long trade at BE, and unfortunately didn't get in on the second entry short. Still learning, and any comments are more than welcome! Thanks everyone!
Chris
P.S. If I followed Vance's advice from yesterday's video journal and entered at the bottom of the range, it would have easily reached the first profit target! Still learning, and it is hard to place a buy limit order at the bottom! :ahhhhh: