Did not fair well today. was building a position for a long in CL only to be stopped at daily loss limit and then watch it move in the direction of the trade. Oil will do that to ya if you want to play with the big dogs you have to be able to take the heat. I put too many contracts on for the amount of risk available to me and hit loss limit, less contracts would have been a profitable trade...I seem to do that quite often that is get correct on market direction but not enough to make the trade work out. GC I did not fair any better. Not sure if rollover was starting or not but markets were acting wonky not moving much in either direction. My trades follow
Getting close to the end of this combine (day 19). GC and CL were both heading down. Jumped on board....sometimes a little early and rode the wave down. Scaled out of GC on first contract, and held second, but closed position a little early (would not have hit my target), but I had the right idea of where to place target using a price extension somewhat (symmetry). Got a little emotional in CL and took some hits, but settled down and got on board the shorts....I didn't think it would extend as far as it did, but made $$$ anyway following the trend and my plan. My trades follow.
Note I titled this trade in the singular. My plan was to only trade GC today....Gold is in a downtrend (daily, 4,1 hour, 30 min) So I was looking for a short. I started building my short position on pullbacks at 2.5, 4, 5 dollars. Price moved to my loss limit and the platform closed my position. Then what happened?? That's right, GC started its selloff and went through my first and second scale out targets. That's the breaks. We'll get em next time. My trade follows, there is also a couple of trades from my new combine for 1 contract...made a buck or two there.
Took some time off from trading to take care of business (stuff that clutters the mind and prohibits "good" trading).
My best trades: (yes plural) In GC got a short signal when it pulled back to downtrending mavg. Immediately got stopped out but placed shorts at that price as it was where I should have got short to begin with by my own rules and held for my target. Also had a good trade in CL after EIA report. Watched extension of price movement to upside and measured for a 50% retrace to go long. The market behaved exactly; got long at .25 and scaled out at .35 and .60. My worst trade was in CL where it gave a short signal with a bearish engulfing signal in both a 377 tick and 5 min bar price retraced 50% where I made my entry and tried to scale in but only got one car after price moved in my direction I moved stop to break even...which is exactly what the market did. Stopped me out and sold off to my target of 25 ticks. Next time! My trades follow.
What I did right: took my signals initially and made some profit.
What I did wrong: Did not stop when I was up. Stopped trading my plan and the signals and started trading emotionally trying to make my losses back, which the market continued to take more from me.
What I did right: Stopped trading before I hit the daily loss limit and breaking the account. Tomorrow is another day.
Today was an excellent day....Why I followed my rules and was extemely patient...Trades took over 45 minutes to produce my targets....Very happy with my patience to let them work out.
Did not overtrade. My trades follow: