I read my past posts, especially Jan - 2nd week of March. It filled with disaster and sadness. I can feel it the pain and the sorrow there. Now, I was startin diggin my own grave again. Reckless trades, dangerous discretion trading, undisciplined. Nothing to be happy of (except for the profit, lol).
I realized that I am again coming back to my old bad habit again. Reviewing the past at least refreshing my mind how futile I was those past days. How easy I forgot those bad days because of just two weeks awesome profit.
I don't know what should I do tomorrow. Almost no signal on Crude Oil. Nothing... Last two days rely heavily on luck, big big luck. Crude Oil will move. Yes it will. So I must prepare myself for the day. No more reckless trading!!!
I found strategy for this slow, low volume days like recent days. Fading at key points. Monday: No trade, Tuesday : max $500 profit. Less than actual, but it's discipline and measurable.
Tomorrow is inventory report. I couldn't expect less than nice directional move from Crude Oil.
I see your taking some CM pattern trades. I never could get my head wrapped around those. How are they working out for you so far?
ReplyDeleteIt's hard :) seriously. If you blindly followed the naked CM Pattern u'll be dead someday.
ReplyDeleteYou must have another tools to make it better.
1. Daily Max Losses
2. CM Road Map
3. Key Reversal Pattern
4. Anchor Bar (forgot the name)
Austin have it all.
I added volume. If light volume, fading is a better game and vice versa. I looked at volume with speed. It worked, however not everyday you may find one.
Dynamic Stop Losses. Originally tools from me, identify the best spot for Stop Loss after price moved favourable.
Fix Trail Stop Losses is not good IMO. You can see the chart above, it's quite easy. The difficulties is the mentality to hold :)
R u trading ES much, then CL is different beast. 3 pts ES per day is great. CL? These two days I made around 135 ticks worth equial to 27 pts ES! The downside, CL can't absorb 100 contracts easily like ES. But I never planned to trade 100 contracts CL. 200 ticks per month with 10 contracts worth $20000 already. I can live with that.
Adding other tools to make it work makes sense. The way Austin explained it once seemed too simple, like something was missing.
ReplyDeleteThanks for the explanation!