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The Crude Dude Oil Trading System
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The Crude Dude Oil Trading System

  #391 (permalink)
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west palm beach florida usa
 
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PandaWarrior View Post
If you're trading multiple lots already, just convert one or two of them into runners....take one off at +50 and let the other go until it either hits 100+ or an opposite signal....You should like the results.....not as good as being all in all out at +100 but still, if you grab one of those a week along with 2-3 50 tick trades, along with the profit from the first scale out, you should be doing good!!!

Congrats on making it....it was a long haul but you made it....

Thanks for the suggestion...I've always been an all in/all out guy...but I will probably give your suggestion a try. I don't feel like I've made it yet...but I am way ahead of where I was. I am definitely showing decent periods of time where I am consistent.
Thanks again for your nice comments. Your journals were always very helpful to me and I really miss them. I hope you are doing well.

Failure is not an option
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  #392 (permalink)
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OPEC Is About to Crush the U.S. Oil Boom - Bloomberg Business

Crude going lower? Or is this article and the OPEC meeting today to bait the bears? My sentiment is short at the moment but with all else ignored it's bleeding for a up day IMO

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  #393 (permalink)
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lancelottrader View Post
Thanks for the suggestion...I've always been an all in/all out guy...but I will probably give your suggestion a try. I don't feel like I've made it yet...but I am way ahead of where I was. I am definitely showing decent periods of time where I am consistent.
Thanks again for your nice comments. Your journals were always very helpful to me and I really miss them. I hope you are doing well.

If your losing trades are small even with multiple lots and you really do let the runner go without killing it early, it can be a very powerful way of capturing those runners.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #394 (permalink)
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Recap of today's trades

Showing this because I lost a few trades in a row..but ended up doing pretty well.


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  #395 (permalink)
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great video 10 22 15 How do you enter / exit

Lancelottrader,

This is a nice video. I was chopped into pieces at the 45.37 level.

Question: what type of orders you use on such a small time frame of 2 range ? Do you ever use market orders to enter, specifically on the power moves you referred to in the video ?

Thanks

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  #396 (permalink)
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avall38486 View Post
Lancelottrader,

This is a nice video. I was chopped into pieces at the 45.37 level.

Question: what type of orders you use on such a small time frame of 2 range ? Do you ever use market orders to enter, specifically on the power moves you referred to in the video ?

Thanks

Yes..when price is moving fast..I sometimes use market orders..I don't seem to get much slippage. Usually though I use limit orders.

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  #397 (permalink)
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Actual trades from recorded session-

This recap video shows the trades from my recorded session and you can really see what order flow is doing.


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  #398 (permalink)
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Navigating days that are chaotic and choppy

I was fortunate to have several days last week on CL where price was moving with some direction and momentum. Those days I find work very well with my style of trading. My last video is a good example of the type of days I really like. However, last Monday was a day where I actually hit my max daily drawdown. I failed to properly read the prevailing bad market conditions until it was too late.

Like many Mondays that had no news planned on the economic news schedule, it was choppy and lacked a lot of directional moves. After my first two losses, I should have changed course. It was the type of day where my price action setups are doomed to fail on virtually every trade. The best way to play that type of day...after incurring a few losses, is to no longer take trades until an important price level is reached .

In other words, lets say I am looking for a trade and I see a target at a serious point of resistance which is maybe 50 ticks away. I am now seeing that we are in a choppy mode...so I will no longer take any trades at my current price level..short or long. I will now wait until price somehow chops it's way to an area of strong support or resistance..and then see if I have some sort of reversal or breakout type trade. But I will ignore any moves or trades until they reach that destination. So basically on chop, you have to stay out and not get lured in by sudden hints of volatility..because price will often look like it's shooting up and then will suddenly fizzle and reverse sharply on you. Now some people might look at it a different way. They will say chop is only there because you are looking at too small a timeframe...and if you are patient and employ a huge stoploss, then maybe you will be ok. Again, for my system..I don't really like that idea. It seems way too speculative..and if you are wrong about the direction, you could end up taking a big loss. I prefer small losses and trades that are very high probability.

This also could be a day where it makes sense to watch another instrument (for me TF is a great candidate) that might be moving well.
The bottom line is one must have a strategy to deal with those choppy, lousy days before they incur a string of losses. This is one of the reasons trading can seem so difficult. When we have a series of days where the conditions are good, it's easy to believe we have this thing figured out. But then several days in a row can arise that are choppy and suddenly discouragement and failure set in.
Reading market conditions before it is too late is a very important skill and one that I still find very challenging.

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  #399 (permalink)
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I had a friend over today who used to be a pretty big trader on Wall Street. I ended up showing him my last video I posted on here.

He asked"Why the hell are you giving out all this info? What are you getting out of that? I don't think it's a very good idea and if you have something that works..keep it to yourself!"

Hmmmm

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  #400 (permalink)
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lancelottrader View Post
I had a friend over today who used to be a pretty big trader on Wall Street. I ended up showing him my last video I posted on here.

He asked"Why the hell are you giving out all this info? What are you getting out of that? I don't think it's a very good idea and if you have something that works..keep it to yourself!"

Hmmmm

I think that is ridiculous. It implies the methodology is what is important, when in truth the importance is the context and execution, neither of which can be "given" to someone else.

Mike

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