Well this trade went as expected,
i sold at the predicted zone, once again the price respected the 5 Min Opening range, market closed me out as i didnt change my trailing stop settings...but ended with 7-8 ticks...not bad to start,,,
5 Minute Opening Range:
30 Min Opening range
Now, the market could try to rotate itīs bias up....we have New Home Sales News report at 10:00 EST.
My personal criteria for scalping CL is 11 ticks. I won't enter a setup if the expected reaction is at 15 ticks, I'm looking for setups that have an expected movement of 30 ticks in the direction I need to go. This gives me more room for leeway and more chance of getting 11 ticks.
That's because CL, when not sluggish, will burn through 20 or 30 ticks in a matter of minutes, meaning it can go 15 ticks pretty easily against my entry point, leaving me much less room to work with and so I have to adjust my profit target possibly to the point of break-even. No point in doing that several times in a row, hence the reason I look for the larger setups.
I'm just saying, that's my personal approach. I'm not critiquing your method at all. Nobody can critique anybody who consistently makes money trading, regardless of what method you use.
But when I'm looking to short it, I'm looking for the lower boundary of the resistance area to be at least 30 ticks higher than the higher boundary of the support area. And since I use the ticker a lot, these areas may not be actually evident on the chart, they may be evident only on the ticker.
I should say that's for shorting when there is known support below.... The other kind of shorting is on downward plunge or downward breakout of some kind, in which case I don't have a predetermined profit target, I let the price behavior determine it.
The following user says Thank You to mwtzzz for this post:
Well this week was a good week, i think the market did what it was written to do...to say it with a fancy word... then the market behaved just like that... a market,...one of the most important things a trader most know is "to know the way of the market"..and frankly i think to achieve such a knowledge requires a lot of experience, years and years of time...or...the dedication to see chart after chart until you see a pattern and recognize it just with a blink of an eye, for me i have come to a point that always return to a one single pattern that now i call "Breaking Two Step" pattern, i have tried a lot of systems that promises large sums of profit but almost every system do not teach about trading management, profit management, mind and emotions management.
i will use this space here at futures.io (formerly BMT) to make a thinking and say:
we are about to finish the first month of this new year, and the question could be: have you been profitable at least this three weeks? do you think you are going to end the month in the green?, for me itīs been hard to fight my fears and emotions, the market give me everyday invaluable lessons, and is a great teacher...it always probes you are right or wrong reading on it....
itīs been a hard way to become profitable for me...i still average 18-25% weekly...i have had to put an spreadsheet to order my thoughts and have control on every trade i do almost every day and follow my trading performance, but i can say it was worth the time, the effort...
I really hope you find your own pattern, setup and become profitable....
just my two cents.
added the image of my own setup on what i call the perfect setup:leading you to a perfect trade.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
J Dennis Neeman.
The following 2 users say Thank You to JDNeeman for this post: