Today's Trades

I have been a bit lazy this week not updating my journal.  I have been in profit, but not traded particularly well.  Still taking too many CT scalps.

I traded CL today, and not very well. Even though I ended up in profit, I feel I am still fighting the trend unnecessarily.

My first trade was a very good entry after I saw a bull flag terminating at the demand level at 82.66.  Unfortunately I scalped 19 ticks and price ended up over 170 ticks above my entry.  I need to stop scalping.  Then soon after, I took a counter trend scalp short at the bull flag high which was a supply level, but was no longer one due to the corrective move down from it.  So I lost 20 ticks on that trade, wiping out my profit.  I then waited to get another short, rather than joining the uptrend even though there were 2 good demand levels giving buying opportunities.  I still cannot fathom why I seem to end up fighting the trend every day.

Good thing I can use volume in my trading as I did see an upthrust on high volume on the 1 minute chart which was also very high climax volume on the 5 min chart. This time I held for 45 ticks and exited at a demand zone. I should have reversed my trade there and would have made a lot more.

I really need to get it into my head to focus on the trend and look for demand or supply zones in that direction.

I took shorts on the ES and NQ also and did quite well (4 pts on ES, 10 pts on NQ), but once again, it was counter trend shorts.

Around 20:00 (BST) price started to move very fast (on all instruments) and I noticed that CL may have had a buying climax, but this was probably news related and the up move may continue tomorrow, or this spike up could be just another stop run, forcing the shorts to cover their positions. We will see.