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(In my journal I am intraday trading CL -usually I mention the stops).
I am setting the stop visually. Ideally, I would enter soon after it was clear that the CL had failed at a resistance level and set the stop above the resistance level. I will try to be more careful tomorrow and clearly show the stop.
I am posting this to try to give a better picture of intraday stops.
It's not the best example because the high wasn't at a resistance level.
For this thread I want to add to the pyramid at 104.73 or 103.47 and I would use a wider stop as it would be adding to the pyramid.
For intraday making 30 - 60 cents is fine so the stop wouldn't want to be more than that, say 30 cents.
I am new to trading oil so its a learning curve. Today looks like a choppy mess (for ES, gold, and perhaps CL?)
I hope the picture helps. As you can see the stop is a little above the high.
CL stopped at its uptrendline, L 94.63 on 6 May.
50% retracement is 107.73
9/16 is 106.14 and there is a low at 106.10 on April 19 5 min crude light chart
There are lots of people on the board who focus on crude so you might want to start with seeing what they do. In this thread I am posting charts and ideas on a multiday swing trade.
The example I posted this morning wasn't very good as it wasn't against a resistance and I got stopped out. (all trades from me are paper trades.)
------------ Tuesday, May 10, 2011 --------
Initial Cash Balance $20,000
Opening cash balance today $26,070
Closing Cash Balance $26,070
Position at open -1 @ 109.27
Today's action: 2 SLD 102.89 @ 11:11
(109.27+102.89+102.89) /3 = 105.0167 average price on 3 short.
Net position at close:
-1 @ 109.27
-2 @ 102.89
-----
-3 @ 105.0167
Set buystop on one = 106.68
-------------------------
Notes:
Would have been better selling later - or not at all today?
Wait for big levels -
e.g. 1/2 or 104.75
4/7 or 106.18.
or
wait for a big with a big peak early in AM and strong drop into the close.
Margin calculations:
Close 103.46 to 102.89 -0.57 *2,000= -$1,140
Close 103.46 from 109.27 * 1,000 = +$5,810
Open equity +4,670
------------ Wednesday, May 11, 2011 --------
I'm up and online. CL has fallen with a low of 98.49
I'll bracket the current price so I get out of 1 short contract with either
buy at 99.14 or buystop at 100.08
probably most of today's fall is done.
Net position at close:
-1 @ 109.27
-2 @ 102.89
-----
-3 @ 105.0167
