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As I was prepping this morning CL broke out of the downward triangle on the Hourly and 15 minute chart. Will see if this holds. Weekly is still up. The bias is up for the day if the breakout holds.. Possibly retest the highs of yesterday. If price goes back below the trend line then there could be a big sell off due to profit taking. Or it could just go sideways because its Friday!
Entry type 3rd trade: Sell stop below the trend line
Entry type 4th trade: Sell stop below the trend line
3rd trade entry was a good and I had a short target. Price did exactly what I thought it would. Touched the support line and reversed. Target hit!
4th Trade.- The entry was good however, I had a long term trend line (not pictured cause I deleted it in frustration!) that I had place below my entry. It was a bad trend line!! So price went down and came within 2 ticks of my target and reversed. I quickly closed out the trade and had slippage. As soon as I exited the trade price went 20 ticks lower.. Was totally bummed when I realized the trend line was not in the right place. Oh well. It is what it is.. I am currently down 20 bucks for the day.
I entered above the resistance level. Did not hit my 15 tick target so I exited the trade +6. Should have had it set to 10 ticks. Today has been a take what you can get type of day.
This day could have gone better and could have definitely been worse. Ended the day +6 ticks $35 net. I made mistakes today per execution and focus. After missing the opening trade I was anxious the rest of the day. This caused me to rush trades and not see them fully for what they could have been. I will be reviewing my trades this weekend. With the exception of the second trade all my entries were solid. The exits is where I had the problem. I did not have focus and was not seeing the big picture.
One of the things I have struggled with is setting a proper target for my trades. Some are obvious while others are not. The part I have to figure out is how to get more out of my trades. I have witnessed my trades run further after I get out of them. So I wanted to know how much further they ran. Below are the results compared to my actual profit taken.
The left two columns is a estimate of Max number of ticks/profit my trades could have made. The right column is what I actually made. My current target is 15 ticks. Had I left the trades alone I would have hit my 15 tick target on every trade.
Robert, funny but our combine results look very similar, half time in, third of required profit acquired and the only red metric is holding time. Keep up good work!
Alex
