Today there was not alot of time where you needed to be flat. The day only got better as it went along with 2 huge moves in the afternoon session. The down move was faster than the up move. You can see them nicely on the three minute chart.
How you get in and out of these trends really doesn't matter, the key is to identify when a trend is in place and trade it. Just as the key is to identify when there is no trend in place and stay flat.Identifying trend is easier said than done as many moves start out looking good only to reverse quickly. I have not mastered this yet but do find multiple time frames and the average true range a good way to identify a trend to trade.
5 comments:
That's right, that's one of the problems I used to have months, ago, I felt, I have to trade oil not matter what, I did learn the hard way.
Like one of my friends said: "its always going to be opportunities you just can't let emotions get into you".
Yes Miguel I am still learning that in order to be sure there is a trend going I am probably going to miss the first move. Otherwise I'm trying to trade every little move that happens, as I do not want to miss a trade.
That is a recipe for disaster.
There are lots of trading opportunities in the day, just wait, be patient, be sure the move is significant, and then pounce, like a cat.
Message to Solfest, read that last paragraph every day.
thanks,
what chart software of web page you recommend me,for commodities, especially for crude oil?
Thanks in advance.
I use sierra charts and bracket trader's front end. Interactive Broker is my broker and I use their data feed.
Thanks,
I guess that will work perfectly for me, since I have IB too.
Thanks for you posts,
keep posting!
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