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thanks Rick, i believe either chart could work, as long as the trader sticks with it.I used the 4 range for a year and a half, then i tried the 1 min for some time.Now , i am using the 5 min, and hope there are no more changes.
2/8/2012
wed
2 trades
-27 ticks net
I thought the entries were ok, i got trapped out on the first, and the 2nd, i think i was just a little out of context.We have beeen trending up, and after topping just above the 100 level, maybe it wasnt so smart to take the long off the 2 leg pb to the ma.Especially, on oil report day.I think the party was over on the 2nd attempt to go higher, that failed.
here is a quick recap , of the earlier video.The second entry, was a mistake, i think.After a rejection abobe the 100(a big res in itself), pa fell below the trendline to test the ma.If anything, i should have been looking for a sh on the same candle i went long on, the entry 1 tick below the prior candle low.However, ive noticed on oil inv day, the marget goes sideways typically at 10 am.With the movement we had allrerady, and the doub top(close enough), i think we would have entered a bear phase....but, in retrospect, because of the time, and the news, it was wrong to expect movement.The short would have failed also.Today had lots of overlaps and volatility has been up.Maybe its best, to wait for less overlaps, and just a little less volatility.
2/9/2012
thursday
1 trade on 6b
+12 ticks
The cl was too choppy for me today.Up at this 100 level, its trading rangy and whippy.The candles are huge, and as usual , the premarket is better.These days, the premarket seems to have the best trades.Anyway, took a market long, on a very ugly red candle on 6b.Price respected this level all morning, with authority.I didnt like the way it grinded down.I would have bought just above that bottom candle, or, could have added.Maybe i am getting smarter, as i saw the way the cl was trading, and said no thanks,The 6b is slow enough, that its easy enough to watch
2/10/2012
friday
2 trades, +$140 net
1 trade cl, took the pb AFTER the break, got filled , and a qwick 10 tick scalp.My risk was only 9 ticks, probably should have held it.The 6b trades are pb shorts at the descTL.Just closed out that 6b trade..-3 ticks.finish day at +$116...
dont believe anything you hear and only half of what you see