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"Just Oil"
Member Since May 21, 2011
45 posts
Jul 20, 2011 at 18:31
its these kind of immediate reversals that pisses me off when im trading oil. I wonder how people handle these reversals
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Jul 20, 2011 at 18:47
I have a few suggestions...
Make sure to markup ALL daily support and resistance levels, a daily 21 EMA is also helpful and the 'big boys' use it, today's bounce happened right off of it.
I would suggest the following to mitigate if a reversal/or retracement is happening
1) A 1Minute break of the 21 EMA or HL off major support level is essentially a change of 'trend'
2) 5 Minute and 15Minute price action candles. Check out today's bounce off the weekly central pivot point/daily 21EMA. The 5 minute candle made a perfect doji. The 15minute was an engulfer. But that level getting close to the Weekly central pivot should tell you big buyers would be there.
3) Take profit at 20-25 pips on part of your position and hold the rest for a 'runner'.
I would like to open up a oil trading room during the NY session where oil traders can get together, if anyone would be interested.
Make sure to markup ALL daily support and resistance levels, a daily 21 EMA is also helpful and the 'big boys' use it, today's bounce happened right off of it.
I would suggest the following to mitigate if a reversal/or retracement is happening
1) A 1Minute break of the 21 EMA or HL off major support level is essentially a change of 'trend'
2) 5 Minute and 15Minute price action candles. Check out today's bounce off the weekly central pivot point/daily 21EMA. The 5 minute candle made a perfect doji. The 15minute was an engulfer. But that level getting close to the Weekly central pivot should tell you big buyers would be there.
3) Take profit at 20-25 pips on part of your position and hold the rest for a 'runner'.
I would like to open up a oil trading room during the NY session where oil traders can get together, if anyone would be interested.
Live to trade another day...
Member Since Jan 14, 2010
2279 posts
Jul 20, 2011 at 19:43
(edited Jul 20, 2011 at 19:43)
I use everything you say except for 21 EMA plus trend lines.
I have been taking partial profits , however, many times , most of the time other half ended BE stop and I took full losers. So, I decided to take full profits as it seems to work better.
This bounce come from nowhere as I saw no support their outside of round number 97.00. I expected it to go to 99.00 but it stopped at around 98.40.
I have been taking partial profits , however, many times , most of the time other half ended BE stop and I took full losers. So, I decided to take full profits as it seems to work better.
This bounce come from nowhere as I saw no support their outside of round number 97.00. I expected it to go to 99.00 but it stopped at around 98.40.
Member Since Jan 14, 2010
2279 posts
Jul 20, 2011 at 19:45
You mean handle when you are in trade and this reversal goes against you?
Or you are flat and just looking for entry?
Or you are flat and just looking for entry?
iwillsurvive posted:
its these kind of immediate reversals that pisses me off when im trading oil. I wonder how people handle these reversals
Member Since Jan 14, 2010
2279 posts
Jul 20, 2011 at 19:47
Good idea
FXraider posted:
I have a few suggestions...
I would like to open up a oil trading room during the NY session where oil traders can get together, if anyone would be interested.
Jul 20, 2011 at 21:06
We could try something on "Paltalk" if you guys have tried before? You can do audio (The web version express.paltalk.com). Or we could do like a DimDim conference room so people could share a chart.
I'm up for it, if people are actually interested we could try it tomorrow.
I'm up for it, if people are actually interested we could try it tomorrow.
Live to trade another day...
Member Since May 21, 2011
45 posts
Jul 21, 2011 at 05:58
Sounds good.
Chikot: I mean when in im the trade, and im not sure when to exit, and since there is a long red bar down (like yesterday), i would assume that price will continue in the down trend and i would stay in the trade. But price reversed sharply and there goes my profits haha
Chikot: I mean when in im the trade, and im not sure when to exit, and since there is a long red bar down (like yesterday), i would assume that price will continue in the down trend and i would stay in the trade. But price reversed sharply and there goes my profits haha
Armada Markets 5% discount, Axitrader $1.50 discount, IC markets $1.50 disc, LMAX 12% discount, Price Markets 5% disc, FinFX (accepts US traders) $0.7 ECN disc, Global Prime $1.50 discount, SynergyFX $3.50 discount, Blackwell Global $6 rebates - Abundance Trading
Member Since Jan 14, 2010
2279 posts
Jul 21, 2011 at 11:51
It looks like you are looking for a lot of pips per trade. How many pips are you looking for???
what's your usual stop loss in pips?
I did not expect that reversal. i also checked EMA 21 and I did not see it bouncing from this EMA. It was probably round number. 98.00. There was pin bar on 5 min and buovb bar on 15 min.
I was thinking of goping long but could not find point of reference to set stop behind. it was just going and going up.
what's your usual stop loss in pips?
I did not expect that reversal. i also checked EMA 21 and I did not see it bouncing from this EMA. It was probably round number. 98.00. There was pin bar on 5 min and buovb bar on 15 min.
I was thinking of goping long but could not find point of reference to set stop behind. it was just going and going up.
iwillsurvive posted:
Sounds good.
Chikot: I mean when in im the trade, and im not sure when to exit, and since there is a long red bar down (like yesterday), i would assume that price will continue in the down trend and i would stay in the trade. But price reversed sharply and there goes my profits haha
Member Since Jan 14, 2010
2279 posts
Jul 21, 2011 at 12:17
I always tend to close trades too early these day. Again closed before my target and it is running above it already.
Member Since Jan 14, 2010
2279 posts
Jul 21, 2011 at 12:24
I thought this problem was over.
Member Since Jan 14, 2010
2279 posts
Jul 21, 2011 at 12:33
(edited Jul 21, 2011 at 12:38)
hitting today's highs.
Member Since Jan 14, 2010
2279 posts
Jul 21, 2011 at 13:15
Not everything looks as simple though. i am not thinking break out actually. I am looking for failure to break those resistance levels. it has spent here a lot of time recently. Let's see how things will turn.
Member Since Jan 14, 2010
2279 posts
Jul 21, 2011 at 14:15
LOL, break out. I did not win anything but I also did not lose anything.
will call it a week probably.
will call it a week probably.
Member Since Jan 14, 2010
2279 posts
Jul 21, 2011 at 14:27
considering that I went long at about 97.80 and then 98.15 i should have made a ton of %. No good. and this has happened many times this week which says that i have got skills but psychology is not where it should be.
forex_trader_27988
Member Since Jan 26, 2011
974 posts
Jul 21, 2011 at 18:31
Chikot posted: i have got skills but psychology is not where it should be..
i feel ya.
Member Since Jan 14, 2010
2279 posts
Jul 22, 2011 at 14:58
I actually was shorting it before Numex. 1 position stopped. Then shorted at 99.43 and added more at 99.25. closed first for 50 pips and left for gym with stop at BE on the second. target was 98.25. it missed by 20-25 pips and I was stopped at BE while away. I tis on Demo though. I do not trade Fridays live. But practice makes perfect.
I am short again but ready to go long if I see what i want to see.
I am short again but ready to go long if I see what i want to see.
Member Since Jan 14, 2010
2279 posts
Jul 22, 2011 at 14:59
Practice makes perfect :)
Member Since May 21, 2011
45 posts
Jul 22, 2011 at 15:05
let's see if oil can break this channel before going long.
Armada Markets 5% discount, Axitrader $1.50 discount, IC markets $1.50 disc, LMAX 12% discount, Price Markets 5% disc, FinFX (accepts US traders) $0.7 ECN disc, Global Prime $1.50 discount, SynergyFX $3.50 discount, Blackwell Global $6 rebates - Abundance Trading
