Thursday 21 November 2013

Today's EOD CL charts

I traded like a maniacal idiot today.  Price was in a great up trend, but I kept missing the trend entries and ended up counter trend scalping.  In all, I took 6 trades - 3 winners, 3 losers.  Fortunately, I am now better at counter trend scalping and do not allow my losers to run, and as my winners are larger than my losers, I ended in the green today.  I will not be repeating this type of trading any time soon.

I keep switching between my ES and CL charts and end up missing out on trend re-engagement trades.  I need to just stick to one instrument as it is patently obvious that I lose focus when am I doing this.  Next week, I will trade solely on CL.

The ridiculous thing about my trading today, was that I was expecting an up day, after the pre-open action and that the opening 5 min volume was very much larger than average.  So as long as the low of the opening 5 min range was not violated, I should have been looking for trend re-entries, of which there were quite a few opportunities.

The first great opportunity was the open itself.  The next one was not too long after the open.  Any of these trades would have opened the opportunity of a 150 tick day.

Here are today's charts:






 

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