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Breakout Journal - a journey to full time trading
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Breakout Journal - a journey to full time trading

  #311 (permalink)
Elite Member
Cincinnati Ohio
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Futures Broker
Favorite Futures: CL, ES
 
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Could be a flat day. Went back above the support on the weekly chart and is just sitting there. There is a lot of congestion to get through on the hourly chart to go higher. Although there is less resistance to the downside. I will be watching till it breaks out of this range.

Robert

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nosce te ipsum

You make your own opportunities in life.
 
  #312 (permalink)
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Took a base hit off the break of the range. +15 ticks. Set a sell stop below the support and let the trade do its thing.

Robert

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nosce te ipsum

You make your own opportunities in life.
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  #313 (permalink)
Elite Member
Cincinnati Ohio
 
Futures Experience: Intermediate
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While waiting for CL to do something I took a test trade in 6J using the same rules I am using in CL. 2 target setup ended +30 ticks.

Robert

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nosce te ipsum

You make your own opportunities in life.
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  #314 (permalink)
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Cincinnati Ohio
 
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I have a test trade in 6E using the same rules but its not working out as well. 6E moves are erratic and there are a lot of false moves. You can tell this by the tails on the bars. I now remember why I quit trading 6E; it can make a good trader look bad!

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nosce te ipsum

You make your own opportunities in life.
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  #315 (permalink)
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One condition I have for entering a trade is to wait for a new low and on the next bar take a long trade if price breaks the previous bars high. I did not take this trade because price would have been moving back into congestion. Based on the outcome of the bar this turned out to be the right decision. This is a breakthrough moment; I am starting to see the whole chart and not just the bar I am trading.

Edit: Had I entered the trade I would have been stopped out.

Robert

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nosce te ipsum

You make your own opportunities in life.

Last edited by Silver Dragon; April 16th, 2013 at 10:56 AM. Reason: I cant type!
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  #316 (permalink)
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In another range.. will be looking to go short if it breaks down.

Robert

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nosce te ipsum

You make your own opportunities in life.
 
  #317 (permalink)
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Took a 5 tick scalp on the breakout of the range. I probably could have held a little longer to get 10 ticks. This will probably be my final trade of the day. Ended the day with +20 ticks.

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nosce te ipsum

You make your own opportunities in life.
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  #318 (permalink)
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Final Stats for 4-16-13

Robert

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nosce te ipsum

You make your own opportunities in life.
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  #319 (permalink)
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Cincinnati Ohio
 
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Morning charts for 4-17-13

I am having difficulty reading the overnight action. If you look at the hourly and 15 minute chart its pretty much a rounded top except its not a top... If you follow the rules for a rounded top and bottom, then this formation suggest that CL will go lower.

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nosce te ipsum

You make your own opportunities in life.
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  #320 (permalink)
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Futures Experience: Intermediate
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Posts: 1,617 since Feb 2011
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First trade of the day.

Entry type - Sell stop below opening range.

I missed my original entry about 20 ticks higher but got in on the break below the opening 30 minute range. traded 2 contracts today with a 15 tick target. 1 lot was filled at 15 ticks and I exited the final lot when it started pulling back. Total ticks gained was 22 ticks.

After the second lot didnt get filled I briefly thought about moving the target out and moving the stop to BE. Decided instead to book profits.

Robert
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nosce te ipsum

You make your own opportunities in life.

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