A Thread to document my daytrading method on the CL.
The way I am trading CL is very simple and is based around price action on a 6 Range chart. I started looking at this as I wanted to get back into day trading (having been swing trading e/u) and CL moves pretty quick and I feel more comfortable it faster markets.
You will notice that a couple of things on the charts have been borrowed from Gary. Notably the MA is similar and the colours as well but thats about it. I have been very impressed by his journal and trading both in his simple and effective approach and his understanding and implementaiton of the mental game (after all thats what its all about)
The last panel indicator is an macd. Its the 3/10/16 made famous by LBR amongst others. I have found it a usefull guid to price action in the past. Its something of a comfort blanket and may well go in the future we will see.
NB I am not trading that indicator. Trades are based on price action alone.
There are two setups I want to focus on.
One is a with trend continuation. (essentially a mini break out)
The other is a pullback trade.
I am also using a 24 Range chart to make what I see as support or resistance levels. These are entirely subjective but give me an idea of possible turning points.
I aim to show the maximum possible trading potential each day and then my actual performance. All trades are sim until I am profitable and comfortable enough with this new market.