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from what I see from your first chart
it is classic newbie mistakes, mistake I used to do so much.
the mistake is simply LATE ENTRY.
Trade 1 had 2 inside bars and the entry was at the break. Late Entry
Trade 2 entry was around 77.20. Late Entry.
Trade 3 was forming a shooting star reversal bar and was the exhaustion of the second trade. Late Entry when you realize there was no long at this point.
Late Entry can be :
1. enter hi on a bar ' not using limit order'
2. enter on the wrong bar
3. enter at the wrong place according to price action.
A pattern may be good but at the wrong place or the wrong time.
Entering Late according to price action is a step to master.
Big Mike has some great videos on crude price action.
Keep up the great work Safin, we're all going to succeed here !
Thanks Pico for observing that. When I was trading, I didn't thought about inside bars. I was just looking at s/r breakouts. IB is definitely something I need to lookout for.
Third entry was not a good entry. As per my plan, I wait for a small pullback. 78.11 was not a pull back because it had no red bars. It happened to me again today, same mistake. And now I think I have a perfect idea of what should be considered as pullback.
First order : 200$ (2 targets)
I got support line at 77.12 from morning range. 77.09 was a good entry point for short, but I was hesitant because 77.00 was a key price. So I reduced my first target to 7 ticks instead of 10. And I am glad I did it. First target took 10 because of fast movement. Second trailing stop took 10 ticks.
I placed one more order to short at 76.92 because 76.93 was a support line on 5 min chart. But somehow it got canceled, not sure why. May be because of first order. Anyway, this may have been a winner as well. After that CL started moving in down direction in a wild manner.
Second order : Loss -300$ (2 targets)
This was a stupid mistake. After sharp run in down direction, CL slowed down at 76.46. I thought this is a nice pullback to short. But it wasn't. I should not have considered this as pullback, because there were no doji bars or smaller bars developed. Anyway, I shorted at 76.44 and soon I realized my mistake. So I tried to exit at 5 ticks. But I did mistake 2. Instead of buying back, I shorted again at 76.49. Damn! Finally my 4 stops got executed at 76.54. So instead of having -100$ loss, I ended up -300$. I need to pay more attention on entry/exits.
Third Order : 470$ (2 targets)
Ok, here comes my turn again. After second order stop loss, few small bars developed. And I got my perfect pullback. I drew a resistance line at 76.30 and shorted at 76.28. CL blasted through that resistance rapidly. First target 10 ticks easy. Second target 37 ticks. I wish I had both runners.
After that CL started drawing narrow range and I decided to stay away.
I am happy today after yesterday's disappointments. If I take out Second unnecessary trade, today was marvelous day. CL made very wild moves in morning and that is why I love CL.
Happy trading!
Somehow I am not able to attach charts with my post. I hope BigMike will fix it soon.
EDIT
====
Thanks mike, I am able to attach my charts now.
I was waiting for some big moves from morning but didn't see lot of activity from CL. There was one opportunity to short at 9.45am, but I saw previous behavior of CL at 9am on support line and decided not to go for it.
After that CL started going in tight range and around 12pm, I got strong support line at 75.43. CL kept touching this line for some time and around 1.30, it broke that line. That's where I entered my first trade to short at 75.41. First 10 ticks easy. I exited second order with 9 ticks because CL started hesitating going further down.
This was a good week for me even though after one disaster day. I am getting comfortable with my methods and I want to stick to it.
Not a very good day to start with, got faked out couple of times.
Total Loss : -100 (5 orders)
First Order: 120$ (2 targets)
76.80 was a major resistance by swing indicator. I wanted to do long at 76.83, but I had to go out, so didn't go for unattended trade. After passing 77.83, CL started moving up sharply. On 60 min chart, 77.40 was a major resistance, So I entered long at 77.43. First target 10 ticks easy. Second trailing stop hit at +2 ticks. If I had 20 ticks trailing stop, I may have got atleast 50 ticks with wild run of CL. But poor me, I can't afford that much big stop.
Starting from this tick I have modified my trailing stop to 15 ticks instead of 10 ticks. I came to this decision after analyzing my previous trades in weekend. It will give more room to my runner.
Second Order : -200$ (2 targets)
I got faked out with this. After moving sharply in upward direction, CL started to fall from 78.10 mark. I got resistance line at 77.15 around 11.30. So I entered short at 77.13. CL took my order and hit my both stops to tease me. I wish I shorted at 77.12.
Third Order : 180$ (2 targets)
After second order stop loss, I decided to re-enter at 77.12. I knew my entry was right. I got my break. First target 10 ticks. Second order I decided to exit at 8 ticks.
Fourth order : 0$ (2 targets)
I got another resistance line at 76.40 by swing indicator. I decided to short at 76.37. But I got faked out, it started moving upward, so I exited at the same 76.37 price.
I should have re-entered again at 76.34 because my entry was right, but I got scared and decided not to go for that entry. I could have made 20 ticks atleast.
Fifth Order : -200$ (2 targets)
Around 1.30, CL dropped to 76. I drew a resistance line here and decided to short at 75.97. But it was another fake out. My stops got executed.
After, fifth order I felt it was too much trading for the day and decided not to go for more trades.
It wasn't a best day, but atleast not a disaster day. That will keep my confidence going forward. See you guys tomorrow. Attached are my charts for today. I had to change my template because of buggy NinjaTrader.
First Trade : -120$
Not a good trade to start with. I saw resistance line at 77 on 5 min chart. But then I looked at 60 min chart and saw another resistance line at 77.10 from yesterday. So to be safe I entered long at 77.12. It was a fake out just like yesterday. So I decided to ext with 6 ticks loss on each trade.
Second Trade : 60$
After first order CL touched 77.12 and went down. I thought entry at 77.14 would be a good entry on pull back so I did long at 77.14. But it started hesitating moving forward. I took out first target with 4 ticks and second with 2 ticks.
Third Trade : 0$
I should not have taken this because it was immediately after second trade. 3 trades in a row within 10 minutes is not a good idea. I got resistance line at 77.25, So I did long at 77.27. I thought CL will do a breakout. But instead it went down. I tried to play with stop from being getting hit. I should not have done it. Lucky me. After some time, I got a chance to get out and I saved my a** just in time.
Fourth Trade : 270$
After third trade, CL started testing low. I drew a resistance line at 77.30 and entered long at 77.31. This time I was much more confident because CL moved in down direction enough to do this breakout. First target 10 ticks. Second trailing stop got hit at 17 ticks.
Fifth Trade : 130$
CL went into narrow range and low volume during lunch hour. 77.77 was high before lunch. So I drew a resistance line there. After lunch it touched this price twice and went down. That was a perfect setup. I did long at 77.81. First 10 ticks easy, second trailing stop got hit at 3 ticks.
I need to control myself when placing trades. I did 2 unnecessary trades today on pullback. I think I need to do more study on it before I come to conclude that it's a perfect pullback.
First Trade : -200$
This was a big mistake. Crude oil inventory news was about to release at 10.30. At 10.15 I got nice support line at 77.63. I wanted to short at 77.61, but I didn't do it because of news. Right at the news release CL blasted through 77.63 support and went down. I was dissapointed for not taking that trade. What happened is I got excited and I tried to catch a running train. I swear I tried to resist myself for not taking this trade, but I couldn't. Result was 10 ticks stop loss on both trades.
God! I need to control myself, give me more courage.
Second Trade : 190$
I got another support line at 76.81 around 11am. So I shorted at 76.79. First 10 ticks easy, second order I exited at 9 ticks.
Third Trade : 130$
Around 11.50, I drew a resistance line at 77.25. Entered long at 77.27. First order 3 ticks with trailing stop, second order 9 ticks.
Fourth Trade : 100$
I drew support line at 76.68 around 2 pm and entered short at 76.66. Somehow CL started jumping around. So I decided to exit both targets with 5 ticks profit.
Fifth Trade : 0$
This was an experiment without much knowledge. I wanted to do an Inside Bar trade. I entered short at 76.59. But soon I realized I forgot to bracket it with profit target and stop loss. So immediately exited.
PS: I was enjoying BBQ party in evening so I am late in posting charts today.
Damn! Finally my 4 stops got executed at 76.54. So instead of having -100$ loss, I ended up -300$. I need to pay more attention on entry/exits.
So I decided to exit both targets with 5 ticks profit.
So immediately exited.
so I am late in posting charts today.