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No trades today. CL was very choppy today. No specific direction. So decided to stay away. I think Home Sales News at 10.00AM kept market into narrow range.
First Trade : 80$ (three setup)
Nice outside bar at 9.45am. Entered long at 71.57. Got 8 ticks easily.
After this trade got another Outside bar and Inside bar at 10am and 10.15am. But didn't took that trade because of Oil inventory report news at 10.30am.
Second Trade : 100$ (my setup)
After oil inventory report, CL made sharp down move all the way up to 70.77. Than came back up. I got resistance line at 71.75. CL kept touching this price before lunch. This was a perfect setup. I entered long at 71.78 with two targets. I don't know what happened but some how only 1 target got entered. Second target was missing from DOM. Anyway, I got first target of 10 ticks easily. Second runner could have run for atleast 15 more ticks. Damn Ninja.
First Trade : 70$ (my setup)
This was a little experiment. I got two doji bars with equal tops. In past, I have seen nice breakouts from two consecutive doji bars with equal tops or bottoms. So decided to go long at 73.54 with only 7 ticks target. It was a big winner. Got 7 ticks easily. I wish I had a runner.
Second Trade : 170$ (my setup)
Support line at 73.31. CL kept touching this price throughout afternoon. It was a perfect setup. Entered short at 73.29 with two targets. First target of 7 ticks and second target 10 ticks. I kept second target 10 ticks only because it was afternoon and low volume. Glad I did it.
There were couple of inside bars and outside bars in morning, but stops were unaffordable, so i didn't go for those entries.
I may have gone for that short, but I didn't see dojis when it went down. I saw afterwards when price was moving up. Even if I shorted, I would have got 7 ticks. Reason for not taking short could be it was a counter-trend trade. But this is still a new method for me. I have seen consecutive dojis mentioned in your "trading support/resistance" thread. Are you trading it? If so what are your rules?
No I am not, I was just wondering why you didn't. Yeah, that would have been counter-trend. Also, making a small probe to one side, then moving to the other side, a failed breakout of sorts, is a good trade as well. I like the idea of exploiting failures, though I don't (yet) trade like that either.
First Trade : 80$ (three setup) Inside bar at 9am. Entered short at 73.44. 8 ticks targeted easily.
FOMC member Barnanke was speaking at 10am, so did not trade during that time.
Second Trade : 90$ (my setup)
CL moved down sharply around 10am when Barnanke was speaking. Then it came back to the same level. There was a support line at 73.75 from earling morning session. CL touched this level two times. So I did a long at 73.76. I was expecting a blast here. First target of 7 ticks got easily. Got extra 1 tick with slippage. Before my runner had a chance to run, CL came back to break-even so exited with 1 tick. Then it went into up direction again.
Pretty good week. I am satisfied with my trades. I had 9 winners, 1 loser and 1 with zero profit.
Have a good weekend everyone! Charts will be posted soon.
