Oil Futures 3/9/12
Here are my charts for the day. I overslept Non-Farm Payrolls so I missed all the excitement. My plan here is to get in on the daily low, and take price action all the way back up. I would have missed on THREE entries, but nailed it on the fourth one. Each time I missed, it would've cost me 20 pips, so that would be 60 in all. Then when I nailed it, I'd go up for a hundred pips, which would 40 net, but I'd also let it "run" for the extra 50. So that's 150 all in all, with 90 pips net.
After that, I'd be trying to hit the top and take that downward.
Entries are in green circles, exits are red circles. Here's the chart:
Here's a later chart. I met my friend for lunch, so I didn't trade this either, although you can see where I jumped in with a few trades to see if I could nail the top. I missed four times, so I would've ended up with only 20 pips net here, since it went for about 100. After this I expect price action to fizzle out for the day.
I need to find another indicator for highs and lows. Perhaps an average daily range indicator. I do have regular entry signals, but I was using them a bit loosely here. Still, 110 pips overall, not a bad day.
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