Spank the Markets - CL Edition Trading Blog: 3/18 (+40)

Thursday, March 18, 2010

3/18 (+40) - Split volume day

Mistakes:

Bailing too early on a few (including last trade of day, which went on to hit original targets, just as expected)
Late entry on a few
Moved stop on 1 contract breakout trade!
Missed long signal because of above

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How I trade:

-> I first identify the context of the market. This is done by drawing trend lines where price has proven them already, and then most times, taking a parallel of these lines, and drawing ‘potential’ or unproven trend lines.

-> Once the trend lines are identified, I will locate key areas where price has failed to breakout/down, or has shown support/resistance on more than one occasion. I give the most “weight” to the most recent price action at that point.

-> Wait for price to approach a trend line, as well as have potential support/resistance in the same area, and then take the trade.

-> I trade 1-5 contracts. Full stop <$600. I look to trade from 7:30-10:30 CST.