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

  #571 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
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wshi88 View Post
Great video, real nice trading system you have there.

Question:

Do you manually draw those support/resistance levels, or your indicator does it? If indicator, do you mind telling us what indicator you use for that purpose?

Thanks again.

The Logical Forex software draws many of the areas..and I color code the one's I feel will have the greatest reaction to price.

Failure is not an option
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  #572 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 719 since Oct 2011
Thanks: 624 given, 2,441 received

Update 2:14

Just passed by my desk and saw a little pop that looked like a no brainer. Scalped another 10 for a total of 80 ticks.

Failure is not an option
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  #573 (permalink)
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lancelottrader View Post
Just passed by my desk and saw a little pop that looked like a no brainer. Scalped another 10 for a total of 80 ticks.

Great job. I made 50 on the CL today, some of our trades look similar, but Im still taking way too many trades. Have to resist the urge to get into less than optimal trades that end up being low volume chops, but Im getting there. Thanks for the vid.

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  #574 (permalink)
Elite Member
west palm beach florida usa
 
Futures Experience: Advanced
Platform: ninja trader
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Favorite Futures: Cl, TF
 
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MetsFanTrader View Post
Great job. I made 50 on the CL today, some of our trades look similar, but Im still taking way too many trades. Have to resist the urge to get into less than optimal trades that end up being low volume chops, but Im getting there. Thanks for the vid.

Great job! 50 ticks is a great day..in my opinion.

Failure is not an option
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  #575 (permalink)
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lancelottrader View Post
Great job! 50 ticks is a great day..in my opinion.

Agreed, remember I want to average 50 a week, so Im happy. Just got to stay out of the chop, its harder than I thought it was gonna be lol

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  #576 (permalink)
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MetsFanTrader View Post
Agreed, remember I want to average 50 a week, so Im happy. Just got to stay out of the chop, its harder than I thought it was gonna be lol

If you can average 50 ticks a week...you will be better than the vast majority of retail traders out there..and you will make very good money.

Failure is not an option
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  #577 (permalink)
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lancelottrader View Post
If you can average 50 ticks a week...you will be better than the vast majority of retail traders out there..and you will make very good money.

Thank you for the encouragement. If I do get there any time soon I owe a lot of it to you for your great, great thread and information. Thanks again.

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  #578 (permalink)
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good and great journal. was pointed this way to take a peek. will follow along. am a scalper...but winning trades sets in a bias.

will follow and check the full thread. Like it that you have small targets....but many.

cheers and best. Thnx for sharing

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  #579 (permalink)
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lancelottrader View Post
Ok...since you asked nicely...lol . One more recap video.


@lancelottrader. I really enjoy your posts, especially the videos and have learned a lot from them. Congratulations on your well deserved success. I have a question on the video you posted today. You took a long around 9:41 am EST. Iím wondering if you could provide a bit more insight into what gave you the confidence to go long. CL had been trending down from around 7am so my bias was leaning towards shorts. Then there was sideways chop/consolidation between 9:10-9:30 am. Price then broke lower out of this consolidation and touched one of your price magnets twice before taking off long.

Did you start giving some thought towards a potential long when that pause occurred? Or, did the two touches of the price magnet without follow-through prompt you to take that long? I thought it was a great entry and just trying to understand your thought process. I didn't think about a long until quite a bit later after your entry. Thanks a lot.

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  #580 (permalink)
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Favorite Futures: Cl, TF
 
Posts: 719 since Oct 2011
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Sk8ter View Post
@lancelottrader. I really enjoy your posts, especially the videos and have learned a lot from them. Congratulations on your well deserved success. I have a question on the video you posted today. You took a long around 9:41 am EST. I’m wondering if you could provide a bit more insight into what gave you the confidence to go long. CL had been trending down from around 7am so my bias was leaning towards shorts. Then there was sideways chop/consolidation between 9:10-9:30 am. Price then broke lower out of this consolidation and touched one of your price magnets twice before taking off long.

Did you start giving some thought towards a potential long when that pause occurred? Or, did the two touches of the price magnet without follow-through prompt you to take that long? I thought it was a great entry and just trying to understand your thought process. I didn't think about a long until quite a bit later after your entry. Thanks a lot.

There were a few factors involved in the entry. First at close to 9 am est, I felt we were starting see a possible trend change at around the 36.65 area. Price made an initial impulse wave long of about 45 ticks...My orderflow indicators showed some decent buying going on in that move.
One of my preferred setups is the first pullback/re-entry after a fresh, new trend reversal. Keep in mind, I'm not waiting for the close of a 5 minute chart..or some lagging indicator to tell me I have a new fresh trend underway.
So price pulled back to around 36.90 from 37.10 (which was around a 50% fib pullback)..touched twice to form a W. That is one of my setup types and then my entry is on the break of the black spine. My Tick Strike order flow indicator also began to signal buy orders coming in...my 10 second volume chart shows buy volume accumulating (you can see the increase if you look at the video.) And the icing on the cake happens to be the 9:40 am time. This is a time I call the Hotzone. It is 10 minutes after the opening of the equity session..and after some initial flurry of orders in stocks..etc..often the true first move shows up. This also carries over to Cl as well. In Cl..it just often means some increased volume comes in at that time.
Hope that explains the entry.

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