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I had to leave early today as I had to attend some other business meetings. So I only had 2 BE trades in the first hour. Wow just looked at the CL chart and the last hour before Nymex close was pretty much just up. Hope some of you could book some profits to end the month profitable.
Here the 2 BE trades:
Trade 1:
Entry: 49.48
Stop: 49.56
Well, after OR-H held as resistance for a second time, I tried to go short and hoped for a move below OR-L and ONL but after I had 5T, I pulled the stop to BE, then it came back up and I went out.
Trade 2:
Entry: 49.51
Stop: 49.59
Again short after it came down from 49.60ish. Went short and it just stayed near my entry for a while (10min), then I just pulled my stop down to OR-H (49.54) as I thought if we go back up then we should make new highs. Again I had like 5T, then back up and down and then as I had to leave I just closed the trade at BE. BUT 1min later it dropped and 20T target would be reached...oh well...
Yea, I'm looking at a big loss of -866.5 for the month. Of course, it's not a big issue when trading CL as one can make that in a day if you are on the right side. Today showed a nice run of 100T in about 75min just before the close.
The loss is almost equal to my commissions so I could say it was a BE month , no just kidding, last Friday was obviously the day where I messed up and exceeded my daily loss limit. That was the worst mistake I did all month!!
I hope some of you liked the journal and that it was helpful, informative and inspiring. CL is a beast and can have some really weird moves but if you get a good grasp of it, then it will reward you very well. It just takes a lot of time watching it, trying it and finding your own trading system. Screen time and dedication will reward you!!
By the way today is the last day in order to cast your vote on the journal contest if you haven't done yet. There you can hit the "Thanks" button as a vote. Here is the link:
Hope it will interesting for readers and if so please leave a thanks!
I've just checked and saw that 42 fio members have already put in their vote for me. I'm really happy about all of your votes and it shows me that I have contributed something "good" to this amazing forum. Thank you all for your votes! It really means a lot to me!!!
Yesterday we had a small build of 1.78m and CL dropped 50T but then retraced all of it overnight.
I'll be looking for shorts and was planning on putting a sell stop limit on at 49 even but we just broke that level and retraced quickly so not entirely sure if I'll put that one on just seconds before the release. I might just wait for the number and see what happens, always safer!
yeah trading in the other account. I'll decide how I will journal the combine when TopstepTrader will contact me. Planning on starting it in September as I'm going on vacation today and won't be trading much in August. I'll check in from time to time though but with the time difference it will be hard to trade in the afternoons and I rather enjoy some time off from the markets!
, no just kidding, last Friday was obviously the day where I messed up and exceeded my 
