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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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...
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.
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
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.
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...
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
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
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.
Jul 21 2011 at 12:24
I thought this problem was over.
