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I just took a couple of trades on CL, looking for a reversal lower near resistance levels:
Trade 1:
Entry: 45.85
Stop: 45.93
I entered short when I saw that we couldn't really break through the even $46 level and we came down on the 3rd attempt. Hence I went in with a market order and it quickly went onside +4T and then I was stopped at BE. Not too fuzzed about it as it then on the 4th attempt broke the even $46 level and wen up towards 46.20ish. A bit slow and still having breakfast, this was a good long opportunity.
Trade 2:
Entry: 46.16
Stop: 46.24
I thought we might have a move lower towards even $46 before going back up. It traded back to highs found again resistance and then came back to my entry but then it took off again and made a new HOD by 7T before coming lower again. Here my stop level was a bit stupid and I entered too early because R1 - 46.26, here the stop should've been above but with my bad entry I couldn't risk 4T more as I only have an 8T stop...of course in hindsight it's always easy to say
Trade 3:
Entry: 46.17
Stop: 46.25
Again short after it quickly came down from R1, Immediately onside +4T and auto BE kicked in but out at BE, ok - next trade.
Trade 4:
Entry: 46.18
Stop: 46.26
When it couldn't go back through R1 and higher, I entered short again and this time it went straight into my direction and out at target, just before 46.07 which was the low from 10:17, thought we might have some support there. This was the case and it then traded back up to 46.16.
--> This is a perfect example for trading multiple lots, if you are right, I could just take 1 lot off at +5-+7, then +10 and leave a runner on which by now could've earned +20 as it never came back to my entry.
Just one more trade, in and out in under 1s and I couldn't even manage it:
Trade 5:
Entry: 45.98 (sell stop limit)
Stop: 46.06
About 45min ago, I put on a stop sell limit order as it was lunch time and we were in a tight range. Reasoning was that if we trade below even $46, there will be stop orders from traders who are currently long and target just above OR-X2. Also we head kind of a wedge trading lower highs and coming close to even 46, hence the short order.
I didn't really observe the market and was reading stuff on the internet. Then about 5min ago, I just heard order filled, target filled and when I turned my head from my right to the left screen, the target was already hit. IB and Ninja don't show me milliseconds, but I believe it was less than a second!! Ok trade in the end and happy that I can finally eat as I didn't want to leave my desk with the order on.
I didn't take any more trades after I had lunch as I didn't really see a good set-up on ES and I just kept monitoring the markets. Overall not many trades and also I started 2h later and I guess I just missed most of CL's up-trend. At least I managed to find a couple opportunities and just executed them without fear or doubt.
Overall, an okish day where I stuck to all my rules and just executed as I saw the opportunity. No emotions involved and not pissed at my ATM today. Only thing which isn't perfect that after 12:30pm, I didn't find any good trade set-ups to enter but that's the market. We always have to be patient in that game and some days you earn more and on some less.
Also ES stayed within an 8pt range which isn't normal but we have summer dullness and vacation so important to be extra patient on these days. Had some levels above the highs from today but never came close so it will remain till tomorrow.
This didn't help to arrive at my 100 trades for the ATM and I have to be a bit more patient before changing anything yet.
Wow, definitely more charts than I'd be able to run on Ninja. Had issues again today so I'm going to recreate my workspace. It's tough enough trying to build a small account without platform issues too. Hopefully Friday goes better.
I do look at your morning prep to compare with my own thoughts going into the day.
Long after quick 60T move lower and thought $46 even would hold as it quickly came back up from that level. However, couldn't go higher and stopped out.
Trade 2:
Entry: 46.04
Stop: 45.96
Again long after it traded down to 45.87 and it immediately came above even $46, thought that 46 will provide support. But again stopped on the tick and then it traded up.
Trade 3:
Entry: 46.05 (Buy stop limit)
Stop: 45.97
I thought, if we would come back towards 46.05, then it should be able to trade higher and 1min after putting on the order, I was filled. Then it quickly went up +7, then my ATM kicked in and moved my stop to +4 which was then filled. Then as you can see it just went higher after the Nymex open.
Trade 4:
Entry: 46.20
Stop: 46.12
I was a bit annoyed at myself as I kind of broke my own rules of not trading before the OR is established but I saw the opportunity and just went long after that sell-off. Stop levels weren't the best I guess and it took my out twice really fast. So I waited 10min into the Nymex session and after we had an OR, I went long near OR-H with a target at yday-H. It went quickly up and I got out with a small +7T after yday-H was hit. Ok trade
Trade 5:
Entry: 46.58
Stop: 46.66
Short after we came lower from the ONH which we almost touched. Almost stopped out as it came to -6 but then turned lower again. Took it off with +4 which was a support level and I thought we should test the ONH soon.
Trade 6:
Entry: 46.56
Stop: 45.64
Again short below R1 & OR-X3, looking for a move lower. Again almost stopped out as it traded to -6, but then finally broke the 46.55ish level and my target +10T was filled. Ok trade but went 10T lower...
Trade 7:
Entry: 46.63
Stop: 45.71
Now we finally made it up to the pre-open highs and it found resistance there. So entered 3min after making the HOD as it was showing some weakness. The strat worked overall however, I was stopped out at BE and then it sold off 40T but just without me....a bit pissed lol
Guys I'm done for the week and will watch the 2nd semi-final of the day. Can't really concentrate on trading anymore and it's been a bit slow the last 30min, so calling it a week.
Here is my trade overview and daily p&l. Only 2 winners and 2 losers, rest (3) BE
