Was up 400 in the first hour. Then Complete disaster. I Shorted TF mid-day and it proceeded to melt up in usual fashion. I add to it over my limit as well and moved stops. Also, lost 500 on CL. I'm holding a TF swing short going into tomorrow. Today seemed like a short covering melt up and I would like to believe I have a 50/50 chance of my short working based on the daily chart pattern.
T.U. Net PL- VERY BAD - to be determined once swing short is covered
16 days to go, or less (depending if I lose it all before then)
I'm disabling comments. I'm sure the haters are just waiting to take a stab at me and tell me how much I suck. No need to tell me how much I suck, I already know. The only thing I'm good at is sucking, so Thanks.
I traded the first 2 hours today. The day started out rough after being stopped out 3 times on TF short signals. Luckily my CL signals were rocking as usual and they coincided with my analysis to buy below 103. Unfortunately I left a lot on the table as my upside target on CL was 103.35 and I exited my long scalps too soon. I missed a lot of great buy signals on CL and missed a lot of the move, but I still got the direction right and had solid scalps and stuck to my stops, despite my TF frustrations. I really think I need to be focusing more on CL because the range and volatility always provides great scalping opportunities and my signals kick ass on it. My trades on TF were sub-par because I was adding 1 contract to my base position at the lower bollinger areas and saw reversion a lot of the time and I am unable to move my stops due to my software enforcing NO stop movement, and as a result of having a 12 tick stop, I got hit a few times. This raises the question again. When is a good time to add to a position? Well, CL was a great example of a trade I should have added to because it was clearly trending and had a large weekly trading range. TF on the other hand did not have the market internals to support my strategy for adding near lows and looking for breakouts. This strategy, always has been a flaw I keep messing up on. I need to remind myself, adding on breakouts typically only work on CL. I get washed out a lot of the time on TF when I try adding after the position has moved 8 ticks in my favor and I think I have a runner. A lot of the time the trade comes back to breakeven, and that is why I need to pay more attention to internals when looking to add to positions on TF. I should have kept my 1 contract size or shorted 2 cars at the time of the signal. If you look at my trade log, you will see I had the direction of the day correct from the open, but I got stopped out multiple times on TF, and my first buy on CL got stopped out. I didn't give up, and I kept taking my signals and I turned a profit. Yesterday, I ignored CL sell signals when I was long and I lost because of it. Discipline improved today.
I started off with a short, looking for a gap fill. I got stopped out numerous times. My stop on CL was too tight on my first scalp and it cost me the day. I then watched every signal after the first failed signal work. Sucks. Not on my A game today. Need to treat every signal the same. I Moved my stop on CL and added to a loser. Still trading badly. 18 days to go.
I missed the morning and traded the afternoon. I waited for buy setups because we were at the lower end of the range for the day and I saw more potential for upside after Crude Oil pit closed. It turns out ES was a better long over TF, but I still had solid scalps on the longs I took and hit my PL. I should have taken the short signals, as they would have given me better runners. At least I am over the curse of only taking short signals.
I will not be trading Friday or any Fridays during the Trading Ultimatum going forward. The majority of my losses have occurred on Friday in the past and I will avoid Friday for the simple reason that history has a way of repeating itself.
I know $200 is nothing, but its my starting P/L target. I will be focusing on Crude Oil and TF next week.
19 More Trading days to Go.
Here is a Video highlight from my chat room on a scalp I took.I will be Broadcasting all my trades live during the Trading Ultimatum. I exited this scalp 1 min too soon.
The time on the chart and trade executions are an hour off. Each Scalp is held for about 1-3 minutes and hit with a trailing stop except for 1 that I lowered the profit target on and exited.
