I don't think I'm going to get into anything else today, so might as well put down some more thoughts. I realised I didn't put a stop on the oil call (was $1 away), apologies.
So my stop and target on crude was 40 ticks today. I think a friend of mine thought this was excessive, maybe others do too, especially when I've been trading with 4 tick stops on the ES. As mentioned before though, crude is 10x more volatile (measure by ATR), so it seems pretty mundane to me.
Fixed tick/pip/$ stops and targets are just don't make sense to me. The vast majority of my targets and stops are based on highs/lows which are automatically adjusted to volatility, occasionally I'll use a multiple of ATR (all time new highs for example). Volatility also comes into affordability of contracts. It shouldn't just be the margin required, or the tick size.
I guess none of that is new to anyone beyond rookie years, but I guess it should be mentioned, try and post something more interesting later.
Long QM 106.25-107.25
EDIT: I forgot to post the screencap, thought I'd put it on earlier. Note I was trading off the hourly chart from before, but that doesn't show much.
Dovie'andi se tovya sagain.
Last edited by Hotch; March 5th, 2012 at 02:00 PM.
Reason: Forgot attachment earlier today :X
I missed the good trades today because I was out, but there were other good ones. I find it a good exercise to look at the chart at the end of the day and see what I could of traded, compared to what I did. I get a bye today because I was out .
So, 4th touches of trendlines, first one works, second one provides the one loss of the day, and obviously the breakout is another signal. A Bear flag is formed after the initial move down, and the further move down is another setup which worked out great.
Further on the way down, we have a small retracement to yesterday's low to the pip. I find on sharp moves, levels get very technical, and really like these setups, as it lets you get on the big moves without the large risk attached to selling breakouts with traditional methods.
We end with a few bounces on the low. Whether these would be successful is a lot more dependent on individual strategy/method, but most would of got +ev I think.
Of course my trades were in none of these places, but there's always tomorrow!