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COMMON SENSE


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COMMON SENSE

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  #1261 (permalink)
BOSTON, MA
 
Experience: Advanced
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Looks like due to holiday it will take Big Mike day or two to close down this journal. In the mean time we got OPEC gift. A gift which keeps on giving. Traders are talking about 63 as next area of support- whatever that means.

HAPPY THANKSGIVING to all. My wife can not understand as to what i am doing in my office on a day when markets are closed.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #1262 (permalink)
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haha. The one day I don't trade, OIL drops $5. oh well.
Was instead with my GF at the Pandora Jewelry store buying EVERYTHING for her.
haha, so I know what you mean!

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  #1263 (permalink)
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jthom View Post
haha. The one day I don't trade, OIL drops $5. oh well.
Was instead with my GF at the Pandora Jewelry store buying EVERYTHING for her.
haha, so I know what you mean!

Your priorities are straight which is the most important thing.

There is lot more trading left on the day and upcoming days. CL bounces from 67.75 to 69.30 area. What's the # 1 RULE for a day like today?

Rule #1 Short 100+ ticks bounces.

I covered my shorts around 78 and reshorted 69.30 area per rule #1. Covered some 78.70 and added to shorts as CL bounced from 68.70 to 69.50 area. CL will buzz around in a 50-80 ticks range. The longer it buzz around in a tight range it will give signal to me that 67.75 is PROBABLY low of the day.

I may not make 100 ticks on this short but worst case scenario is it will be a scratch. Key point is one can not get worried if position goes against ones trade. The higher it bounces, bigger position size i will add. It's just a matter of time before it pulls back to give trader a chance to scale out etc. A bounce is a GIFT from trading GODS. A bearish trend suddenly does not becomes a bullish trend just because something bounced 100+ ticks.

NOTE: I did not short exactly at 79.30. There are no exact levels . I started shorting 78.80 and kept adding. Average price on this new short is 69.40.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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November 27, 2014


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