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

  #671 (permalink)
Trading for Fun
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bobwest View Post
Spine? Vein? Can you explain?

Bob.


Bob, I am a chart reader rather than an indicator follower. Therefore the observed price action on my charts need to have an observable synchronicity...this idea is at the heart of the spine and the vein...specific references to anatomy intended...essentially the spine is your slow ma and the vein is your fast ma...you can choose whatever gives you what you observe for example...price action should respect for the most part the spine and vein as support and resistance...it is not hard and should not be over analyzed...simple is the best...

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  #672 (permalink)
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BlueRoo View Post
Lance, I am not sure if I would call it exceptional trading...It is hard to judge without know what type of daily gains other day traders achieve. What I do know is that it has take me a year and hard work to get to this stage. But I am very grateful...because to know that your trading plan is successful and repeatable is a real reward. Here is a quick attempt to answer your questions...

Okay here is some reflection...
...when I first started trading futures it was to hedge my option selling...I then started to see it could work...so I look to have a winning trade per day of say 50 ticks...Sam Kinchin then talked to me about writing a trading plan and for the past 2 years this has been my primary focus and driver to trading...about the middle of last year I asked myself about what are my trading goals...It was then that I considered it was reasonable to have 3 winning trades per day and gain 300-400 per trade to make a 1K day...I then said why not a 4K week and a 12K month...So this approach became the goals stated in my trading plan...now my option selling trades can be as long a 60 days and they are truly EOD trades...so approaching futures I transferred this thinking from option selling to futures....but that did not translated...mainly because of psychology...So to get my 1K day I took an intraday approach and short quick trades based MA crossovers...because that is where I believe momentum is born...So my style has become to take and hold multiple trades for 30-50 ticks with CL ZB ES and EC...my setups occur regularly through the day on these and I am fortunate enough to be able to handle the margin requirement...for me this thread is about reflecting and looking at my approach and continuing to explore goal based trading...

My entry criteria for a trade is to use the hour chart and the 1500vol chart and confirm that the 21 and 75ma are sloping in favour of the direction in which I am trading...so my two primary trades setups are...

Spine Break
“If a price bar breaks the spine in favour of the vein, enter at the value of the spine or on the confirmation bar.”

Vein Break
“If a price bar breaks the vein in favour of the spine, enter at the value of the vein or on the confirmation bar.”

Thank you for your explanation. And I assure you, your results are very good. If you can actually continue to hit your numbers and keep leveraging over time, you should be able to make a very large sum of money.

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  #673 (permalink)
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Over time



lancelottrader View Post
Thank you for your explanation. And I assure you, your results are very good. If you can actually continue to hit your numbers and keep leveraging over time, you should be able to make a very large sum of money.

Lance, I think that is my focus to be able to repeat what I am doing for a number of months rather than go off looking to improve my results by changing anything...

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  #674 (permalink)
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Hi lance you have been an inspiration to me. And probably many others. Although I do not trade like you, I prefer to go for smallish targets. Unfortunately too many people seem to believe the only way to be successful in this business is to go for 20 pts ES trades, when three 6 pts trades is just as good without the drawdowns, and less emotional or stressful.

Keep doing what you do. And be successful as you have been.

Regards,

Dudley

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  #675 (permalink)
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Which products do you trade?

 
Have to agree with @mrmuggins. Am sure there are many great threads on the forum. However some of the greatest talents of trading is present in this thread and I do love to read this thread. Taking out serious $s without large targets is an art and is really not a scalp if someone is taking 4 to 6pts per ES trade or what Lance does. Simply awesome.

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  #676 (permalink)
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BlueRoo View Post
...So my style has become to take and hold multiple trades for 30-50 ticks with CL ZB ES and EC...my setups occur regularly through the day

@BlueRoo

I don't want to derail Lancelottrader's great thread, but given we both come from the same part of the world what time of the day are you trading the US markets eg in USA Eastern Sate time?

At present (while we are on day light saving) 10am USA ET is 4am in Auckland and I guess it is about 1am in Brisbane.

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  #677 (permalink)
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BlueRoo View Post
Lance, I am not sure if I would call it exceptional trading...It is hard to judge without know what type of daily gains other day traders achieve. What I do know is that it has take me a year and hard work to get to this stage. But I am very grateful...because to know that your trading plan is successful and repeatable is a real reward. Here is a quick attempt to answer your questions...

Okay here is some reflection...
...when I first started trading futures it was to hedge my option selling...I then started to see it could work...so I look to have a winning trade per day of say 50 ticks...Sam Kinchin then talked to me about writing a trading plan and for the past 2 years this has been my primary focus and driver to trading...about the middle of last year I asked myself about what are my trading goals...It was then that I considered it was reasonable to have 3 winning trades per day and gain 300-400 per trade to make a 1K day...I then said why not a 4K week and a 12K month...So this approach became the goals stated in my trading plan...now my option selling trades can be as long a 60 days and they are truly EOD trades...so approaching futures I transferred this thinking from option selling to futures....but that did not translated...mainly because of psychology...So to get my 1K day I took an intraday approach and short quick trades based MA crossovers...because that is where I believe momentum is born...So my style has become to take and hold multiple trades for 30-50 ticks with CL ZB ES and EC...my setups occur regularly through the day on these and I am fortunate enough to be able to handle the margin requirement...for me this thread is about reflecting and looking at my approach and continuing to explore goal based trading...

My entry criteria for a trade is to use the hour chart and the 1500vol chart and confirm that the 21 and 75ma are sloping in favour of the direction in which I am trading...so my two primary trades setups are...

Spine Break
“If a price bar breaks the spine in favour of the vein, enter at the value of the spine or on the confirmation bar.”

Vein Break
“If a price bar breaks the vein in favour of the spine, enter at the value of the vein or on the confirmation bar.”


Thank you for your post, and thank you to Lance for this great thread!!!

Could you possibly post a chart to show what you mean about price breaking the spine towards the vein, etc. Trying to visualize it.

Thank you.

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  #678 (permalink)
Trading for Fun
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Broker/Data: DeCarley
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Drd13 View Post
Thank you for your post, and thank you to Lance for this great thread!!!

Could you possibly post a chart to show what you mean about price breaking the spine towards the vein, etc. Trying to visualize it.

Thank you.

Drd, it is not towards the vein...it is in favour of the vein...meaning the slope...here is the graphic I have in my trading plan...

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  #679 (permalink)
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Nice thread.

Thanks for sharing; have you noticed crude making an incredible amount of false breaks lately during Nymex rth?

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  #680 (permalink)
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Michaelktrader View Post
Nice thread.

Thanks for sharing; have you noticed crude making an incredible amount of false breaks lately during Nymex rth?

Yes, I actually use some of those as my setup. I have one called The False Break Overshoot Reversal. Here's one from today when price looked like it was breaking through a 00 number.

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