The Crude Dude Oil Trading System - Commodities Futures Trading | futures io social day trading
futures io futures trading


The Crude Dude Oil Trading System
Updated: Views / Replies:123,333 / 867
Created: by lancelottrader Attachments:177

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 177  
 
Thread Tools Search this Thread
 

The Crude Dude Oil Trading System

  #271 (permalink)
Elite Member
virginia
 
Futures Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
cory's Avatar
 
Posts: 5,163 since Jun 2009
Thanks: 624 given, 6,227 received


vdersar1 View Post
Thanks for the suggestion. Interestingly enough, I've already downloaded and imported this indicator into NT. Additionally, I believe this indicator is more similar to the Rampage system Lance uses instead of the logicalforex system.

somebody mention magnet lines could be swing high and low lines, they probl use that and some creative line drawing technique, look interesting.
ps. try this swinghlcolor
https://futures.io/elite-circle/1261-want-your-ninjatrader-indicator-created-free-1210.html#post483891

Attached Thumbnails
The Crude Dude Oil Trading System-2015-05-21_2254.png  

Last edited by cory; May 21st, 2015 at 11:16 PM.
Reply With Quote
The following user says Thank You to cory for this post:
 
  #272 (permalink)
Elite Member
New York, NY
 
Futures Experience: Intermediate
Platform: ThinkOrSwim
Broker/Data: TD Ameritrade
Favorite Futures: TF
 
Posts: 13 since Apr 2015
Thanks: 20 given, 7 received


cory View Post
somebody mention magnet lines could be swing high and low lines, they probl use that and some creative line drawing technique, look interesting.

Definitely agree, though it seems as though Lance draws multiple support/resistance price levels manually too. It would be interesting to hear his thoughts on the effectiveness of the automated magnet lines and whether they're sufficiently significant to warrant further research.

Al Brook's book, 'Reading Price Charts Bar by Bar', has a chapter dedicated to magnets. Yet he writes the following in the introduction of the chapter, 'This chapter has very little to do with trading and is included for completeness because it illustrates some price action tendencies, but these tendencies are not reliable enough to be the basis for trading. If you want to learn how to make money, do not spend much time here and instead focus on the best trades in Chapter 15.' ( I hope it's ok to post book excerpts on the forum. If not, please let me know & I'll edit it out)

Very interesting indeed.

**
Just saw your edit. I'll take a look - many thanks.


Last edited by vdersar1; May 21st, 2015 at 11:25 PM.
Reply With Quote
 
  #273 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 718 since Oct 2011
Thanks: 623 given, 2,434 received



ESCL View Post
Is your trading based on your software or based on your own methods? If it's your own method, how long did it take you to be consistent?

Hi there. To answer your question, it's a little bit of both..but a much higher percentage would be due to my own methods.

I use the charts and indicators that I have...because I have used them for at least 4 years in a row..and they really help me process the overall "feel" of the market on any given day. I originally was trading forex and I was very much into momentum scalping. I got involved with the logical forex indicators and system because I felt that it was a great way to scalp 5 to 10 ticks on the euro/usd and euro/yen. But I ended up liking futures more (especially Cl) and I switched to that. I found it made more sense to go for bigger targets on CL, but I liked the way the Logical Forex charts helped me process the market, so I kept using them. However, I found I needed a different methodology for trading this instrument. So I experimented with a few things and got more into Price action setups. I found the rampage indicators were good on heavily trending days to ride out a bigger move.
My favorite feature of the Logical forex charts is that when extreme volatility shows up, the grid lines suddenly get wide and I have found this to be one of the best Real time momentum indicators out there. I also like Tick Strike which is a great audio and visual based Order flow indicator.

I should have become consistent a lot sooner, but I had issues such as having little impulse control, revenge trading, and taking multiple trades in a choppy environment. So, now that I have gotten those issues under control, things have improved immensely. It's one thing to have a good system...but quite another to have the discipline to follow it.

So, counting my forex years up until now, it's been about 7 years. But again, with better discipline and psychological control..it should have never taken this long. In fact, it's kind of embarrassing to admit that I have failed for so many years.

Failure is not an option
Reply With Quote
The following 2 users say Thank You to lancelottrader for this post:
 
  #274 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 718 since Oct 2011
Thanks: 623 given, 2,434 received


trooper5010 View Post
I have almost went through the whole thread and I think I am going to start trading soon, and SIMing to get my hands dirty and start feeling out the momentum times in the CL and NQ instruments, and of course, keeping y'all updated on futures.io (formerly BMT) (probably on this thread).

... I just had question, I know you've talked a lot about this on CL; do recommend any good days and times to trade on the NQ at this point in time when the momentum is flowing?

For me, it's really hard to see momentum flowing when I don't have that indicator to show the squares on the chart. That is going to be my biggest obstacle, and also I'll only be trading with $1000 real money in my account once I leave the SIM rankings. Once I can identify momentum consistently I think I'll have a lot more confidence in myself and using this system, which I am really looking forward to. I am a huge visual person and I really understood when you said you can't be looking at the PnL counter when coming in and out of trades. It's an art that you develop by looking at the graphs and "painting" the trades on the graphs.

I just wanted to say to both lancelottrader and PandaWarrior you guys are really putting some really great resources out there and that if people are interested in doing their due diligence and learning a set strategy, can learn quite a lot from both of you from reading the beginning of this thread to the present day now.

I've got a whole summer to do absolutely nothing (I am an engineering student on break) but to watch charts and see if I can find some real good consistencies; once finishing reading through this thread, I think I will be ready to start...

Thank you, for the nice comments. I like to trade the first opening hour of a market. So for NQ, it would be between 9:30 am est to 10:30 am est. Usually I like to wait for at least 5 minutes to go by from the start of the open..so as not to get caught in a whipsaw. There are times however, when I entered before that. For CL, 9am est to 10am est is often good. Between 10 and 11, it can often get choppy. But on The Crude Oil inventory report day, I wait untill after 10:30 (when it comes out) to trade Cl. It will usually chop around until the report comes out.

My suggestion is to spend some time watching price move during the opening hours of the instruments you want to trade. You will eventually get a feel for when price is moving in a strong directional manner. Then it becomes a matter of timing in an entry and knowing where your most likely target should be.

Good luck with everything.

Failure is not an option
Reply With Quote
 
  #275 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 718 since Oct 2011
Thanks: 623 given, 2,434 received


vdersar1 View Post
Definitely agree, though it seems as though Lance draws multiple support/resistance price levels manually too. It would be interesting to hear his thoughts on the effectiveness of the automated magnet lines and whether they're sufficiently significant to warrant further research.

Al Brook's book, 'Reading Price Charts Bar by Bar', has a chapter dedicated to magnets. Yet he writes the following in the introduction of the chapter, 'This chapter has very little to do with trading and is included for completeness because it illustrates some price action tendencies, but these tendencies are not reliable enough to be the basis for trading. If you want to learn how to make money, do not spend much time here and instead focus on the best trades in Chapter 15.' ( I hope it's ok to post book excerpts on the forum. If not, please let me know & I'll edit it out)

Very interesting indeed.

**
Just saw your edit. I'll take a look - many thanks.

Hi there. I have noticed that Ninja has an indicator called Swing that draws a lot of these areas..but it doesn't really discriminate much and draws basically every price swing. The logical forex magnets tend to differ in length and color depending on how "strong" the area tends to be. And they differ when put on different time frames. So, the software will have different ones on a 5 minute or 30 minute chart compared to a 2 range.
I have found them to be extremely valuable when determining a target..or in timing in an entry. It will draw an area, that I may not notice without them..and when price hits it..you can see a 10 to 15 tick bounce. So, without these levels quickly mapped out and being drawn in real time, I would get stopped out much easier on many trades.

But, I do tend to analyze the magnets, before the session starts. If I see one was drawn but price only tested an area once..and didn't react much..I may draw a yellow colored line through it. I call this a speed bump..since I feel it probably won't stop price from getting through it. Maybe an area has had price fail at it 3 times. Then I would draw a red line through it so I know this is a more serious level that could possibly serve as a target..or a reversal area.

There are probably free ways to duplicate the magnets...but until someone figures out how to make the grid lines on a chart expand rapidly during times of volume and volatility (like my charts do) I will keep paying for them. The chart below shows what I am referring to.

Failure is not an option
Attached Thumbnails
The Crude Dude Oil Trading System-cl-07-15-2-range-grid-lines-widening.jpg  
Reply With Quote
The following 2 users say Thank You to lancelottrader for this post:
 
  #276 (permalink)
Elite Member
Caracas/Distrito Capital/Venezuela
 
Futures Experience: Intermediate
Platform: NinjaTrader, Metatrader
Favorite Futures: CL
 
engel532's Avatar
 
Posts: 12 since Nov 2014
Thanks: 43 given, 10 received

First of all, I greatly appreciate all your effort and time in carrying out this very interesting thread. I have read and seen everything in it. The way you do trading looks more or less the way I've been doing my trading. Short Stop Loss and large profit.

I must confess that it has been hard so far way, but since I read your comments, as well as the other participants, I am convinced that it is possible to develop a successful methodology in Crude Oil. I added several of your things on my system, which has so far helped me to see the full potential of the CL (The 10 sec Volume chart and 2 range bar).

My system is supported by Market Profile to see the market context and trend. I have a chart of 30 min (Market Profile) and another of 5 min (current trend). until recently (before reading all your POST jajajaja ) I realized my entries with a chart 8 range that includes a footprint, which has helped me to get better entries on the market. But I had never thought that better than 8 bar Range, is a 2 Range bar. I'm still in the process of assimilating this type of chart.

I would like to propose something about increasing contracts. Something that is more or less what I get to do. you think to place two contracts? and when the price reaches 10 ticks, you move the stop to BE, you get a contract with the 10 Ticks and let run the other contract I think it's something possible, do not you think?
I keep in touch and hope that my performance improves with everything I have learned from you.

Excuse my bad English ....

Greetings,

Engel

"The discipline eventually expire Intelligence"
Japanese Proverb
Reply With Quote
The following 2 users say Thank You to engel532 for this post:
 
  #277 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 718 since Oct 2011
Thanks: 623 given, 2,434 received


engel532 View Post
First of all, I greatly appreciate all your effort and time in carrying out this very interesting thread. I have read and seen everything in it. The way you do trading looks more or less the way I've been doing my trading. Short Stop Loss and large profit.

I must confess that it has been hard so far way, but since I read your comments, as well as the other participants, I am convinced that it is possible to develop a successful methodology in Crude Oil. I added several of your things on my system, which has so far helped me to see the full potential of the CL (The 10 sec Volume chart and 2 range bar).

My system is supported by Market Profile to see the market context and trend. I have a chart of 30 min (Market Profile) and another of 5 min (current trend). until recently (before reading all your POST jajajaja ) I realized my entries with a chart 8 range that includes a footprint, which has helped me to get better entries on the market. But I had never thought that better than 8 bar Range, is a 2 Range bar. I'm still in the process of assimilating this type of chart.

I would like to propose something about increasing contracts. Something that is more or less what I get to do. you think to place two contracts? and when the price reaches 10 ticks, you move the stop to BE, you get a contract with the 10 Ticks and let run the other contract I think it's something possible, do not you think?
I keep in touch and hope that my performance improves with everything I have learned from you.

Excuse my bad English ....

Greetings,

Engel

Hi. Thank you for your comments.
I like my 2 range chart..because I can really "feel" the pulse of the market with it. There is a certain way CL moves when the momentum is very strong.. It would be hard to describe..unless you see it at the moments I am talking about. Those moments don't show up all the time, but when they do..I know I have a very, very good chance of being in a winning trade. The tough part for me is staying out..untill I see my perfect moment. I am getting better, but not as good as I will be. However, I have been hitting my weekly goal almost every week for many months.

However, I do not recommend basing your trading decisions off of a 2 range chart or you will end up getting into a lot of bad trades. It is a very jumpy, noisy chart. I use it to time in on certain patterns..but I definitely look at higher timeframes to see the overall context and for candlestick patterns too.

Your idea of 2 contracts and taking 1 off at 10 ticks is good and lots of traders do a similar strategy. I think it's easy for CL to move backwards 10 ticks a lot..so you will probably breakeven often on your second contract. But sometime it doesn't and if you catch a runner, then that will work great. I personally like to go all in and all out at one target. I try to hit a certain goal each week and as I stay consistent, I will slowly add contracts until I get up to 5..then hopefully 10.
Anyhow, I wish you all the best and I am glad you liked the thread.

Failure is not an option
Reply With Quote
 
  #278 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 718 since Oct 2011
Thanks: 623 given, 2,434 received

New video

This is a recap video of today's CL session showing a good illustration of my method and a nice recovery from some early losses.


Failure is not an option
Reply With Quote
The following 14 users say Thank You to lancelottrader for this post:
 
  #279 (permalink)
Elite Member
Fredericksburg, Virginia, United States
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 8 since Feb 2015
Thanks: 51 given, 7 received


lancelottrader View Post
This is a recap video of today's CL session showing a good illustration of my method and a nice recovery from some early losses.


Awesome stuff in that video. Thanks for posting!

Reply With Quote
The following user says Thank You to fsrcapital for this post:
 
  #280 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 718 since Oct 2011
Thanks: 623 given, 2,434 received



fsrcapital View Post
Awesome stuff in that video. Thanks for posting!

Thank you for your comment. I appreciate it.

Failure is not an option
Reply With Quote

Reply



futures io > > > > The Crude Dude Oil Trading System

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

July Journal Challenge w/$1100 in prizes from TopstepTrader

July
 

An Afternoon with FIO member Softsoap

Elite only

Battlestations: Show us your trading desks and win $750 in prizes

August
 

Extended Ask Me Anything w/Brett Steenbarger

Elite only

Prototyping Python Strategies (part 3) w/Ran Aroussi

Elite only

Brannigan Barrett w/Axia Futures

Elite only

Introduction to Phillip Capital futures brokerage services

Aug TBD

How Monte Carlo Analysis Can Help Your Trading w/Kevin Davey

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Crude Oil trading JDNeeman Trading Journals 526 November 24th, 2016 07:12 PM
Gettin' Serious - Crude Oil Trading tgibbs Elite Trading Journals 19 November 24th, 2014 09:18 AM
Trading Journal - Day Trading Crude Oil with Fibs & S/R greg9 Trading Journals 83 September 5th, 2013 03:48 PM
Crude Oil (CL) Trading by goldenriver goldenriver Elite Trading Journals 52 March 12th, 2013 03:32 PM
123 Profitable Crude Oil trading JDNeeman Trading Journals 7 September 6th, 2012 07:06 PM


All times are GMT -4. The time now is 12:45 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-07-23 in 0.18 seconds with 20 queries on phoenix via your IP 54.225.53.253