Not guaranteed, but unfortunately true. Can't do much about that. Especially on CL, sometimes you can get really run over with those occasional wild moves and get more then 1 tick slippage on your stop, or more then 6 tick profit on your target. But guess what, according to Murphy, it will probably happen more often on your stops
I watched a webinar on "Staying in the Zone" last night. Even it's incomplete (freebie lol), I believe it's extremely important to be in the Process with the following 4 conditions:
~ Self Trust
The moderator emphasized letting go (even with risk) and do not operate in the past, ie
~ Forgive yourself
~ Live in the Present
To execute a predetermined process with ease = staying in the zone. I just prepared the enclosed process flow for my system. Will it help? It will IF I can operate the suggested steps without thinking!! Oh, there're some really good divergence signals for both CL and 6E this morning. I have taken Nil and you know why .. sigh ..
I am going to watch the webinar again and map out how to re-train my brains to let go. No point to watch the market and hear the signal alerts when I am not taking them.
Have a Great day everyone.
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 2 users say Thank You to wgreenie for this post:
You are correct and I agree with you all the way. The only issue is when using
emini system they do not enter trades I think the way you do. They enter on 123 reversal. So they would enter on bar 1 that would give us 8 ticks of risk or more. I think this is the way. I had HA for a bit but just could not get used to using HA since I could not see bar moving when price was. Hence I'm using RangeNoGap and it is better.
If not too much to ask would you please post one of your charts to see how you would enter your trade please.
Thank you for very good points BTW..
I don't trade eminisniper. I bought their system because I am always on a quest for a system I can auto trade, since the method that I trade does not lend itself well to programming. Nothing special about the way I enter trades, I just put a stop limit order where the next bar will open.
Can you be a little more specific about where you enter? Are you waiting for a 1-2-3 reversal and then placing your stop limit order where the next bar will open or are you just waiting until you see divergence and then immediately placing your stop limit order where the next bar will open without waiting for the 1-2-3 reversal confirmation? A chart would be a great help. Thanks.
Okay thanks @monpere,
Then lets agree that the magic is in your "criteria" because if you're using a Stochastic or an RSI (as you mentioned elsewhere) and you are entering on the close of the bar as soon as you see divergence between your indicator and price, then you are going to have quite a few stops in the oil market using a 5 range chart with a 5 or 6 tick initial stop. And for those poor folks who are simply using the criteria from that system you mentioned that you purchased, if they try to enter at the close of the first bar after divergence is present between price and their oscillator, they will quickly become casualties of trading in the oil market.