enochbenjamin

Hey $200/day is approximately $50,000/year. Nothing to sneeze at. Great job!

As a small retail trader your broker will never allow a delivery to happen. Most small traders don't even have the funds to even accept delivery if they wanted to.

The next time I see this I will take a screenshot.

Pay close attention to pivot points early in the session. I have also noticed that if price is near resistance 1 hr before the NY open - it is a low risk short as price will most likely go down to the pivot before deciding the eventual direction. As the day progresses pivot points become less reliable.

Something I got from MyPivots.com TradingMoneyManagementMypivots.doc

Money Management is in my opinion the "HOLY GRAIL" of trading. I finally understand it but I still lack the discipline to follow it consistently. It has been said that with proper MM you can randomly enter trades and still be successful. While I don't know about that, I do know that for my trading if I limit my daily loss to $250 and I make at least $750 on winning days, I can have 2 winning days a week, losing the other 3 days and walk away with more money than I started the week with. The concept is simple. The hard part is sticking with it and turning trading platform off as soon as you lose $250.

All I am going to say is trading CL requires the utmost discipline.

wow! i need to be spanked! I broke the ultimate trading axiom - never let a winner turn into a loser. was up $370 and in a futile attempt to get $130 more bucks wound up losing it all +another 470 -$470 :crap: :crap: :crap: :crap: :crap: :crap: :crap:

what happened to brownsfan?

This was an awful day to trade! -$80

+520 - my best day in over 2 months.

A new ZN virgin sighted! Sell a virgin @ 116'315

well, uhm... managed to turn a profit of $220 today. All in CL.

Got 1 up on ya! I shorted 4¢ from the high of the day and bailed with just a 10¢ profit. :crap: :crap: :crap:

Fulcrum, or anybody... Do you know if there is significant difference between cumulative delta and on balance volume? They seem like they attempt to determine the same thing???

Virgins have been scarce recently but we have one in ZN from last Friday. Sell virgin @ 117'16

another small loss -120. I pulled up my charts from last fall and something obvious stuck out! I was only trading CL - nothing else. I was FOCUSED! Going back to my bread and butter trades - just shorting trend line breaks of CL at resistance - ideally with shooting stars!

first day of having a customer requested broker enforced maximum drawdown day. -353.50 and the platform froze me out! :-( SIM traded the rest of the day for +910 go figure.

+60 - I'll take it too!

Not saying I won't look at her but from my brief experience the virgins are much more likely to hold up if they have NEVER been revisited after being formed. So I would prefer to fade a pristine virgin. This is just how I play em - but this is not a concept I invented so you might find differing opinions.

I personally don't mess with virgins that have been fooling around overnight. It is interesting to note that the virgin 1114 held overnight.

Great addition. Thanks. Can you expand upon how you identify supply/demand areas?? Do you identify them with just the candle formations or in combination with cumulative delta?

I am definitely watching - I only enter with limit orders. The last minute to 30 seconds of the candle formation is the most important and will sometimes provide hints as to what is going on. Remember that the 2nd SD is a high probability exhaustion point - so even if you just entered with a stop it is a low risk/high probability trade. Under normal circumstances you'll know if the trade was good in less than 5 mins. The main reason I watch and enter with limit orders is because I am trying to keep my risk very small. Ideally 5 ticks but almost never more than 10. Most of the time I am happy with 10 ticks, but in the cases when I do let her ride, as soon as 10 ticks are booked I move my stop to break even and then trail each with the stop 1 tick above the previous candle. I know its more than you asked for, but....

If you want to trade virgins with a system, take a look at this: Ensign Software - Studies: Price Histogram POC

Also I think it only fair to acknowledge that I learned about VWAP/SD right here from the Jperl threads. I just selectively decided to filter the trades that had shooting stars or tweezers.