18/12 P.S. on Oil Trade – think through the practicalities!

Dec17 Oil (II)

Today’s Oil paper trade – a scratch result

It ended up taking out my tightened stop before going on to hit T1 and T2 shortly afterwards. Again, another nice setup occurred.  Price rallied close to 300 pips into the same level as yesterday’s high – a key level that is nearly a fortnight old.  And then put in a blatant 123 pattern, which I promptly shorted.  Oil is moving a lot at the moment, so I needed a large stop – but that’s fine.  I am starting to find the target setting and position management easier and less stressful.  I seem to know when to go all-out in one go, and when to set T1 & T2 or when to set T1 and a runner.  It seems easier now.

If I had more focus available, then there would have also been a continuation setup on Oil (with a tighter stop), as well as a bearish 123 pattern on Cable.

Dec18 Oil

Futures scalping

Today I traded the US 10-year treasury using the March’15 futures contract.  It really doesn’t matter what instrument it is that one trades – all the candlestick charts look the same really.  I was using the 1M chart that I found on my CMC platform, with the standard EMA’s thrown in, and then the 15M to judge the trend. Today I bought and sold 94 contracts over a 3-hour period.  My net loss was 4 ticks.  So not too bad.  I seemed to make money when the instrument was trending nicely on the 1M chart and was losing when it is in a tight range (which is more or less the opposite of how my friend was expecting me to trade).

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