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BMT Q&A chat, Dec 7th 7PM EST

  #6 (permalink)

Site Administrator
Manta, Ecuador
 
Trading Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 47,643 since Jun 2009
Thanks: 30,377 given, 89,962 received

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12-07-09 6:54 PM - Big Mike : @mysthars: Also, moving to a smaller and smaller chart to avoid big losses is the wrong concept. I wrote about this a lot in that post.
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12-07-09 6:54 PM - Big Mike : @mysthars: Last, I felt that 95% of big traders, ones making millions of dollars, these traders are not looking at a 6 range chart! They are looking at 5m and 60m, and daily and bigger. Kind of like 'dress for the job you want, not the job you have'.
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12-07-09 6:54 PM - mysthars : I see, thanks Mike, I'll read your posts
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12-07-09 6:53 PM - Big Mike : @mysthars: Once I learned to get past my initial fear of "long wick and tails" on the 5m charts, I realized how much the chart speaks to me and just makes so much more sense to me than a range chart does.
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12-07-09 6:53 PM - Big Mike : @mysthars: I switched because I felt I could not see "why" a move was happening on a smaller chart. Only on a 5m chart could I see why a move would happen.
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12-07-09 6:53 PM - soumi71 : if market is nice on the 5 min I trail my stop and catch more pts
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12-07-09 6:53 PM - deltason : @bigmike-thx big mike. so is it a good idea or bad idea to look at historical charts to manually test entries and exits without accounting for whether there's news at that time?
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12-07-09 6:53 PM - banbrooke : and the ES is more choppy
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12-07-09 6:52 PM - banbrooke : from what i see the cl is more trendable
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12-07-09 6:52 PM - Big Mike : @mysthars: Well, I went into some detail on why I switched in my psychology post 'big mikes advice'. But briefly:
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12-07-09 6:52 PM - soumi71 : 1 pt stop and 2 pts target
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12-07-09 6:52 PM - soumi71 : I like to trade ES on 350 ticks chart with 8-20-50 MA crossovers
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12-07-09 6:51 PM - sam028 : @ban: the CL's volatility is huge, check a basic daily std deviation of CL vs ES for ex.
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12-07-09 6:51 PM - Big Mike : @deltason: News is more risk because of the additional volatility. You may see a huge spike up followed by a huge spike right back down, all in a matter of seconds. You should follow the trend, not try to make it. Avoid news
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12-07-09 6:51 PM - soumi71 : thx gary
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12-07-09 6:50 PM - Gary : @Soumi, I personally look to trade 8:00-10:30 CST, and then 12:30-1:30. Volume is usually more than enough during these times to get a few setups with a decent size push. Look how many times you can get chopped up or faked out during the almost 2 hour lunch period. Volume drops dramatically after 1:30 CST / pit close. Pre-market can be ok, but not for me.
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12-07-09 6:50 PM - Big Mike : @ban: CL is risky because it has HUGE moves, percentage wise, compared with most instruments. It can move 10 times as far as ES in the same time, which is 10 times more costly.
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12-07-09 6:50 PM - SteveM : @sam: Sorry I did not understand your question
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12-07-09 6:50 PM - mysthars : hi Mike, first thanks you very much for this amazing forum. I wanna ask you why did you switch from range chart to minutes?
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12-07-09 6:50 PM - dennho : try sim trading the CL you will know what I mean!
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12-07-09 6:50 PM - dennho : between 9:30am to 3pm
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12-07-09 6:50 PM - deltason : how come news is more risky?
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12-07-09 6:50 PM - Big Mike : There is a nice thread on CL vs QM, just do a search for it, and learn the differences and advantages, risk/position size, margins, etc.
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12-07-09 6:50 PM - sam028 : @SteveM: or USO (a CL ETF) during cash hours
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12-07-09 6:49 PM - banbrooke : how come the CL is more risky?
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12-07-09 6:49 PM - HOBBIT^33^ : dennho what time frame you trade off of
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12-07-09 6:49 PM - soumi71 : ok thanks Riverend
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12-07-09 6:49 PM - Riverend : @ soumi check Garys times below
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12-07-09 6:49 PM - dennho : Guys... I got my ass kicked trying to trade CL... if you MUST ... try the QM instead! But listen to Mike! CL can be dangerous.
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12-07-09 6:49 PM - SteveM : @Mike: What works good for you works good for me as well ...........
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12-07-09 6:48 PM - Big Mike : SbsRenko is very popular chart.
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12-07-09 6:48 PM - nanobiotech : @Mike -CL pre-market with MedianRenko4
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12-07-09 6:48 PM - Big Mike : Just because a 5m chart works best for me does not mean that there is no other option.
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12-07-09 6:48 PM - gregid : @sam: thanks
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12-07-09 6:48 PM - Big Mike : CL is a very flashy instrument. Looks so good. But it is not for beginners! If you cannot make money on ES over the long term, CL is not for you. PLease!
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12-07-09 6:47 PM - Gary : Similar to River.. CL: 6R entry, 12R/18R and 5 min for larger view for chop detection and areas of s/r.
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12-07-09 6:47 PM - sam028 : @gregid: no european brokers with NT, except IB UK, afaik...
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12-07-09 6:47 PM - adrian : @Mike - 6e (15 range, 4 range, 1hr); cl (20 range, 6 range, 30 min)
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12-07-09 6:47 PM - soumi71 : what are the best times to trade CL ?
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12-07-09 6:47 PM - HOBBIT^33^ : 6b, 4range,6c,4range
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12-07-09 6:47 PM - deltason : @mike on sim - CL, sbs renko, 12tick, 6tick, and 4tick
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12-07-09 6:47 PM - Riverend : and 12 reange anchor
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12-07-09 6:47 PM - dennho : ES, I view the 512 tick chart, 3000 tick, 3 min chart.
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12-07-09 6:47 PM - SteveM : @Mike: I was trading ES and lately am inclined towards 6E .... 5 min chart .... after listening to you .....
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12-07-09 6:46 PM - Riverend : Im learning CL w/6 range charts
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12-07-09 6:46 PM - Big Mike : Everyone -- what instrument do you trade, and what chart size? Would like to know.
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12-07-09 6:46 PM - Gary : IMHO: Very tricky, as with CL it can be bad news, and CL moves down 30 ticks, then up 40, then big dump / 100 ticks down. But, it does often still respect big s/r lines at least the first time it hits em, even during news.
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12-07-09 6:45 PM - SteveM : @Mike: I agree with you on trying to trade with the news. It is purely taking chances and not strategy.
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12-07-09 6:45 PM - gregid : @sam & other Europeans: Do you use any European (UK - especially) brokers (are there any that work with NT?) or are you happy with the ones based in US
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12-07-09 6:45 PM - Big Mike : those orders could be market or limit, but are Buy Stop's and Sell Short Stop's
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12-07-09 6:44 PM - Big Mike : @dennho: it means having both Buy and Sell Short orders ready to go, so when market moves, as it will during news, you get swept into market on one side
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12-07-09 6:44 PM - dennho : by bracketing, does he mean using stop limit orders or limit orders?? I assume stop limit orders.
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12-07-09 6:44 PM - Riverend : @sam sure is. just interested if its been tried over a period of time
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12-07-09 6:43 PM - Big Mike : People that want to trade news, I have to ask why this is? Are the other 6-7 hours of the day not enough? Trading is not gambling! But trading news seems like gambling to me.
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12-07-09 6:43 PM - Big Mike : But, I have a love/hate relationship with Ninja. Mostly hate, lately But, it is still the best.
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12-07-09 6:43 PM - sam028 : @Riverend: like all news bracketing, this is very very dangerous imho
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12-07-09 6:42 PM - Big Mike : I'm also a 'geek', a techie, first and foremost over a 'trader', so one look at the TradeStation platform and I was turned off. It is old and out of date.
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12-07-09 6:42 PM - Gary : @River, tried a few ideas on SIM with mixed results, I would love to find someone who has figured out a way to do it.
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12-07-09 6:42 PM - Big Mike : It is because I am a programmer, and find C# to be so much more powerful.
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12-07-09 6:42 PM - Big Mike : Someone asked why I prefer NinjaTrader over TradeStation...
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12-07-09 6:41 PM - sam028 : no, you're right, but for options and stocks and futures///
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12-07-09 6:41 PM - nanobiotech : @Mike - Cory's VolumeStop indicator - OK I check it out, thanks
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12-07-09 6:41 PM - Riverend : Any one try bracketing CL on inventory news?
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12-07-09 6:41 PM - Big Mike : Approx ~20 minutes left on this chat, if you've been waiting to ask a question, please go ahead
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12-07-09 6:41 PM - dennho : I use zenfire w/ ninja trader... quote tracker with IB... gotta be using so much softare and feeds! LOL

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