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Are We There Yet?

Ever feel like you almost have your trading all figured out? Well, I highlighted the area of chop/congestion in yellow early before the market opened, I contemplated not trading at all today while the price was in the highlighted area. But then I saw CL price move up at 9:25 am giving me a reason to pay attention to a possible trade. 

This headline might have been the cause for CL to jump up again at 10:23 am Oil rebounds in choppy trade as Kuwait signals progress on output cut extension, as quickly as I entered the trade, my stop was hit just as fast. In classic fashion, I don't want to miss the trade, I am in another and another CL trade.

The last trade that I am in is working, for now, CL price is testing previous lows, but it is still in the highlighted area of congestion. I'm using a very generous profit stop, "could've" closed my position to get back more than half of what was lost, but I am choosing to hang on this trade with the "hope" the congestion will break lower for a major selloff.

All of this proves to me that not trading at all today would have been better than grinding along in this market... even if this trade ends my day profitably, this is not my path to long-term trading success.

"Better Trading Ahead!"

Lot Size: 1
CL: -$503

Total # of trades: 7
Percent Profitable: 28.57%
# of winning trades: 2
# of losing trades: 5
# of even trades: 0
Total: - $503



YM

Comments

  1. Another losing day, but I may have made a mental break through... time will tell. I can take pride in closing down my charts, there will be no more trades taken today. I look forward to Tuesday!

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