My Trading Journey With Live Acc

[djrikstar]

I just took a trade on the $CL based off the start of a mini trend by the looks of it due to price being extended quite a bit and this looks like a pullback to make a higher low and a rally back up.

I have put a fibonacci on the price and know really I should wait for a bigger retrace but I'm new to trading futures and they seem to move in a different way to US stocks.

The RRR is around 1/1 on this and will be around 1/1.5 or more as price works it way up the trend.

Also used the macd and rsi a little to help me see where things may be heading, also my stop is just under the swing low. I missed the entry so it made my RRR 1:1 but I will change that slightly as price goes up and move it to .25 once the price is clearly through .50.

entry: 45.48

target: 46 (but will see if it can break through the round number it and break HOD at 46.17 and if it does I will stay in the trade and move my stop to 46 for a decent profit.


Would anyone say this is a good trade as it was not really based off a pattern of such just off the price wave, fib and indicators??

 

[djrikstar]

The above is not a ideal trade imo but since it looks like the pullback has been made off the different timeframes I think that price may pull up to the top again and break HOD while also turning red/green on the day adding the fuel to the fire for it too rally on creating higher highs and higher lows.

So I kind of open a few charts and spot things and just trade it by using different variables such as price has reach a certain s/r and looks to be in a trend off a fib (sometimes) and macd and rsi going the right way and is matching the price action etc.

Do you think this is wrong to trade like this?? Should I just trade 100% off pattern setups such as ascending/descending triangles, H&S, double tops and bottoms and many more of the patterns using the correct stop and exit from the patterns??

Do you guys always wait for a pattern before you EVER take a trade? Or is it ok to take trades like the above such as price retracements etc??

Hope the above makes sense

 

[djrikstar]

Just to add to the trade above I got stopped out around 1 hour of making this thread and lost twice on it

What happened was the price was rounding and had some sideway action which was fine by me as had a stop in place. Then I looked at the chart and seen a BIG RED candle jumping up and down its range quite a bit which stopped me out.

So instantly I thought some bad news has come out and went to 5 min chart and got in a trade as I thought it would make maybe 2-3 red candles and with the volatility would make a quick win then it flipped round on me and stopped me out

So I decided to let the price get above 46 with it being a big physiological round number and brought in at just over $46 as I have seen this big range candle before on earnings such as $FB where the price seems to shoot down to hit peoples stops and then smart money re-buy low and it shoots up so that's why I got in on the way up.

I did make a very small amount but lost far more on the whipsaw of that 1 candle and ate 1/3 of my account size even though its only small.

So I'm looking to slowly grind and build my account size back up again and NEVER just get in a bouncy big range candle as it can bring a quick profit or a faster loss and its more geared towards a faster loss because of spread and other traders emotions which I can no trader can read so I now know not to chase the fast buck..

I know its more of a uphill struggle now my acc is considerably smaller but I made mistake and will not be doing it again as yes i could of had a large gain instead it was like a 50/50 but the risk is not worth it as it stung me twice.

If anyone see's this is it best to wait for a solid pattern before i take a trade??

or

Can I use different variables as well such as trade hitting a top while macd and rsi are crossing and rolling over and showing weakness or a divergence with price action showing weakness and over extension??

So I guess the first question would be like being a prosecutor in court and taking on each case you get and then using as much evidence that you can peace together to convict the criminal knowing the more evidence you have the more higher probability of the criminal getting convicted.

And the second question would be like not taking all cases and sitting waiting to find a case with very high evidence with it that you are near enough certain you can convict the criminal so you decide to do these not so frequent cases with a higher success rate of conviction.

So I'm basically getting stuck between the 2 above scenarios and need someone to clear that up for me.

Thanks Guys..