Monday, September 16, 2019

Mon. 9/16 -1.7%

2:55pm CDT - Like a moth to the flames...
RESULTS FOR DAY
CL Contracts:10
Net $P/L:-209
Wins: 5
Losses: 5
Win%:50
Avg$Win: 54
Avg$Loss: 96
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6 comments:

  1. MichaelSeptember 17, 2019 at 5:31 AM

    Oil was a very erratic market today, way too much whipsaw action.

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    Replies
    1. AnonymousSeptember 17, 2019 at 10:33 AM

      Right now oil is as volatile as you can get considering the Saudi oil attacks. Saudi could let the oil flow to makeup for loss production and watch prices plummet, or maintain current production supply levels and hope to keep prices elevated. The catch, who is to stop another Saudi oil strike, that would send prices higher, simultaneously making the Saudis look incapable of safe guarding oil supplies... how long will it take for electric cars to take over?

      Delete
    2. MBAGearheadSeptember 17, 2019 at 2:06 PM

      or 100% right? Depends on your perspective Sandy, timeframe, chart speed, methodology, etc. Then again, nothing is 100% in this business is it?

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    3. MichaelSeptember 18, 2019 at 2:20 PM

      This comment has been removed by the author.

      Delete
  2. MichaelSeptember 18, 2019 at 2:21 PM

    Mr. Sandy,
    I think you and I use different time frames. The levels I see that price "respected" go back as far as May, nothing recently. If those are the levels you're talking about then yes, it certainly did. I only look at more recent pivot levels. Also I rely heavily on interpreting candle sticks, so we may also have different definitions on "erratic".

    You did give me an idea though which I'll study this weekend. How price reacts to older pivot levels. I'm sure you're aware that if you draw too many lines on a chart it gets hard to tell if price is actually reacting to it or if it's just run it's course and reversing. You can draw a few random lines and sooner or latter price will bounce off one of them as if the market was told not to exceed that level.

    Anyway, I'll look into it. Thanks for the idea!

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  3. MichaelSeptember 18, 2019 at 2:59 PM

    No worries Sandy, I'm not that easily offended. To be honest my first reaction was a hard scowl, but then I thought maybe I should take a look at what he's talking about before I respond. :)

    I have never done well trading on FOMC days, at least not with the ES. So I take those days off now. I think I have a 1% win rate on those days.

    Thanks again, always good to see what others are doing and maybe it can be incorporated into my method.

    All the best to you too.

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