9:00 am to 11:00 am 6E mostly Inside Bar trade(s)
9:45 am to 11:00 am TF semi-auto trade if strategy triggers a trade
11:15 am to 12:00 noon CL (after release of the crude oil report)
1:00 pm to 2:15 pm CL optional
Note: Learned from Jeff that he does not trade oil until release of the report. I will follow suit LOL!
I don't know if it has been mentioned somewhere in your thread but break even and target are two different strategy we often tend to use as one when trading only 1 contract.
BE: No matter what I set the BE +X, it always gets hit due to price movement and I miss the move.
Fixed target is what we need but then we again miss the move.
with 1 contract, we want to play both games but it does not work this way so we have to decide BE or Target.
then what! the target is missed by 1 tick and price come speeding toward our entry point where a BE+1 would have saved us
it gets scary to decide as a 1 contract trader.
what I do is use fixed target for a few trades then switch strategy for trend moves.
I do not use BE anymore. I accept ' hardly but I must accept' the loss of my 10 ticks predefined stop on a 8 range chart.
Talking about fear, I wrote somewhere else on the forum :
I still struggle hard with a slow market and stalling price.
It's like my mind turns into Jello and I just can't put my orders in with the slow motion.
I don't have any problem running the same market on replay at 3 to 20 times faster at night and trust my rules.
That's a phase I have to go through.
have a good day Beth
The following user says Thank You to PiCoTrader for this post:
Initial Balance: 1067.75 - 1060.00 (7.75 points) Value Area as at 11:10 am: 1064.00 - 1063.50 - 1060.50 (3.50 points)
Price opened @1064.50
Today's High and Low as at 11:10 am: 1067.75 and 1057.00
VPOCs: Top 1072.50 (1062.00 was touched) and Bottom VPOC 1039.50 Overnight High and Low: 1066.00 and 1055.00
I believe Mr Market will enjoy more rotation (either Up or Down) to extend the range more!
I took the first Inside Bar trade for 6E minutes ago. Only minutes?! Felt like a century LOL! I "almost" crashed to the floor .. at least I was very light-headed .. ooooo
I did not have a BE/Trail for this contract. Simply PT/SL @8 and 13 (1 tick above the signal bar). As time passed by and it chopped within a few point range (+ volume dropped substantially - late recognition), I adjusted SL to 1 tick above the most recent yellow Inside Bar (9 ticks from my entry). Finally it's back to my favor and I adjusted my PT and got out with 4 ticks.
My first 6E trade (have been sim-trading some strategies on it since Apr) .. don't like it as it's very slow. Guess I was in at the wrong time.
Internal Dialogue: I was prepared to give some education fee to Mr Market. Why?
1. I missed noticing the substantial low volume. Thought I had enough time for a good trade within the last 15 minutes.
2. I missed the fact that it's more advisable SOH (time-wise) and start tomorrow .. for 6E anyway.
In conclusion, it's an extremely great experience .. Did I enjoy it?
I survived and my forehead is really "red" because I tapped it so hard .. haha .. Oh, it's an A trade (valid signal) and B+ for me. I stayed in the trade enough to make it a profitable one (prepared to pay for it too).
Beth .. a little proud of my trade management
Post-trade Notice: 6E did drop hard upon my closing. My Inside Bar strategy on 6E outperformed me and made 12 PT LOL!
Last edited by wgreenie; July 8th, 2010 at 11:36 AM.
Reason: 6E did drop after my closing!
Thanks PiCoTrader for your sharing and tips. Yes, it's quite challenging to start with 1-contract trades IF we want both worlds with all the goodies. Focus on PT and accept SL in a graceful manner sound good.
I did not touch CL until its release of the weekly report. I continued sim-trading the Inside Bar strategies throughout with its EOD result per enclosed.
Total 4 trades (3 winners and 1 loser) $210 before commission. Certainly the strategies outperform me today. I did 1 trade $80 before commission. Do I regret for not taking the Inside Bar trades before 11:15 am and make more ticks?
Why? It's more important to develop a good trading habit, ie SOH when there're important news. To trade CL, crude oil and natural gas reports (+ other important news) may cause unexpected twists. I'm thrilled that I learned from Jeff (creator of the All You Need and Three Set Up threads + ... ) to stay away when it's crude oil report morning!
My heartfelt thanks to Jeff again!
Beth (She's a good girl today (as always) .. haha ..)
The following user says Thank You to wgreenie for this post:
Hi Beth, I don't know big Mike personally but he is giving you some good advice, knowing and identifying you point of entry is very important, then your stop an live by it don't move it, either your trade will go your way or not that is the area that a trader cannot know the out come, but should know his or her odds of possibility.
The following user says Thank You to Lalo for this post: