Back In The Saddle

I got back around 30% of my money from the PFG trustees and I have opened a trading account with Vision Financials. I have re-started on Sim again, to get back my confidence after all the stress caused by the PFG scandal.

My trading style still remain the same way. I will look out for supply and demand zones as taught by Online Trading Academy, and I will also use volume to identify my zones and use RPM and better volume for taking breakout trades into a new trend from a basing zone, or high volume churn (or squat bars) zones.  I will also use squat bars to look for reversal trades, whenever I see one with it's close in the middle or leaving a long tail.

Today, I took a sim trade on CL at a good supply zone on the 500 tickchart. It was counter trend, but the 5 min chart had given me a sense of a change in trend and then I found a good looking supply zone on the 500 tick chart, where we had a RPM up bar with an inside bar basing and then a better volume climax breakout bar. I drew my zone around the inside bar and waited for price to retrace and took a 1 contract limit order, with a SL just above the zone. I also scaled in, below a RPM up bar, so if I was not stopped out, then I would have more confidence in the trade.

Price moved as I had hoped and stalled at a demand zone I had anticipated. However, once it broke below, I was then confident of the trade working. My first target gave 48 ticks, and then my second target was soon hit as well. This was a well executed and thought out trade for me.

Here is the 5 min and 500 tick charts, and a couple of videos of the trade.

http://www.screencast.com/t/vYViY7sO
http://www.screencast.com/t/L751Nru7woiS