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CL Day Trading: THE EDGE-Multiple Charts


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CL Day Trading: THE EDGE-Multiple Charts

  #11 (permalink)
ESFXtrader
West Coast of Florida
 
Posts: 505 since Jul 2010
Thanks Given: 56
Thanks Received: 2,284

To retain the settings on DT Pro, you can save the chart and/or the complete layout.

To save the layout which you have set up, go to the dt Pro page shown at top left and hit View: Layout: Save: (name of layout you choose)
To save a chart, go to the top of the chart, hit File: Save Template: (your name of chart)
Then, when you need to add a chart, you can use any chart saved or default.
WK

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Can you help answer these questions
from other members on NexusFi?
Trade idea based off three indicators.
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  #12 (permalink)
 leprechaun 
Quebec
 
Experience: Beginner
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Trading: Futures
Posts: 27 since Apr 2012
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thanks WK

that worked. The layout save made the difference. I am running on a virtual machine on a Mac so there may be something that gets wiped but the layout save works fine

many thanks !

L

  #13 (permalink)
ESFXtrader
West Coast of Florida
 
Posts: 505 since Jul 2010
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Here are 2 more charts to see how it works.
This week I will show trades on different charts again.
WK

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  #14 (permalink)
ESFXtrader
West Coast of Florida
 
Posts: 505 since Jul 2010
Thanks Given: 56
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I will continue to try to get more multiple charts on CL this week, but I notated what I was trading for a good example as to how you can look for trades. This is ZC or corn and the gray vertical lines are trades that matched up on the 45 and 12 min charts.
Hope this helps.
WK
PS Grains, especially beans, wheat, and corn are great for day trading.

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  #15 (permalink)
ESFXtrader
West Coast of Florida
 
Posts: 505 since Jul 2010
Thanks Given: 56
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For those who like to be winners:
Here are five charts with the trades marked. Note that each trade has at least 2 charts that confirm it.
The entries are from either BB or a retrace to higher (lower) MA as seen on trade #2 on the last chart and #3 on the 4th chart.
Good trading.
WK
PS Just entering these 4 trades and managing them with multiple contracts would have made you a lot of money.

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  #16 (permalink)
 
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 tigertrader 
Philly, Pa
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I like to look at correlations (in MTFs) in addition to the outright (in MTFs)...




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  #17 (permalink)
ESFXtrader
West Coast of Florida
 
Posts: 505 since Jul 2010
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Price action better shown here on same 5 charts.

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  #18 (permalink)
 leprechaun 
Quebec
 
Experience: Beginner
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posted as requested by WK in more appropriate thread:

Guys,

am posting a chart with my interpretations of the basic rules for Friday Sept 28th for
GCL. My goal is to contribute to the thread and if possible solicit feedback and critique
from the master WK himself as time permits and thereby sharing any knowledge with anyone
who is interested. The arrow represent entries only. I review the market every day end of
day.

1. Entry long - close above two LSMAs - RSI agrees - CCI follows soon after
2. Entry short - close below two LSMAs - RSI agrees - CCI follows soon after
3. Entry long - close above two LSMAs - RSI agrees - CCI does NOT confirm - trying to
understand if this trade could have been avoided. Certainly an entry followed by an
immediate red i think is a cause for concern/exit ?

Circled area were not numbered. I see as many as 4 trades there a short/long/short/long.
RSI agrees with each of those - but would love to have a filter to avoid react to these.

4. Entry short - same as trade 2. there is another trade between 4 and 5 just noticed
5. Entry Short
6. Entry short - there was a long in between 5 & 6
7. Entry Long
8. Entry Long
9. Entry Short - another trade in between 8 & 9 long
10. Entry long
11. Entry short

etc etc - the rest are repeats of the approach. Lots of great trades in there - if I could

filter some of the smaller fake outs I would be in great shape. The chart shows part of the
day it was too wide to post all in one go but this is a good reflection of a typical day imo.

look forward to any feedback - many thanks in advance !

L

  #19 (permalink)
ESFXtrader
West Coast of Florida
 
Posts: 505 since Jul 2010
Thanks Given: 56
Thanks Received: 2,284

Leprechaun,
Thanks for re-posting the above on this thread.

For those interested, I thought I would critique the trades which you have marked:

#1 Best entry was a long at the Green MA @92.29 instead of 92.37
#3 Note the strong bearish trend and wait for a divergence at the BB at the close of the Red candlestick within the circle. Price at 91.95. Moved to 92.06 for 10 ticks+. Pulled back and the 4th trade, which we'll call #3B is a confirmed long at the close of the Green candlestick over the 2 MAs. Price at 91.99. More aggressive traders will go long at the double bottom w/ divergence.
#4B is a long at the Green MA
#5 has an earlier short entry at the BB w/divergence at 92.38. That is 12 ticks better entry.
There is another long trade at the Green MA back to the BB, where I would have reversed at 92.40. Long from 92.22 to 92.40 and reverse. High was 92.43.
The next trade is a long at the Green MA at 92.27 for another 13 ticks. Low was 92.18. As you can see, with 12 ticks risk on the stop, still no losses. The high before pulling back to the MAs is 92.38 (10 ticks+).
Next trade is a long at the lower MA at 92.27, which only moves up 10 ticks and pulls back to lower MA again.
Next long trade is at 92.29. The close is at the close of the 2nd red candlestick at 92.48. The high was at 92.56.
Next trade is a short at upper MA-Blue at 92.54. The exit here has options as you will note that the 2 MAs are wide apart and moving toward the Green MA when the price hits the Green MA. If you reverse at the Green MA w/12 tick stop, it will come within 1 tick of taking you out of the trade before reversing. With practice, you will either hold short for further gains, or close short at Green MA and reverse with only part of a normal trade and add to it at close of first green candlestick or at the first green candlestick that closes over the 2MAs (or another indicator on some other trade, such as double bottom w/divergence, BB, etc.) This moves to a perfect reversal at 92.82 at upper MA.
Next trade, therefore, is a short at the upper MA at 92.82 and hold till BB or beyond.
The chart added shows the other trades.
Hope this helps.
The more you follow the charts, the quicker you can build the perfect system for yourself.
You may find a single setup that you prefer and perfect it on several different contracts.
Good Trading and thanks again.
WK

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  #20 (permalink)
ESFXtrader
West Coast of Florida
 
Posts: 505 since Jul 2010
Thanks Given: 56
Thanks Received: 2,284


Hope you clearly see just how accurate this method continues to offer perfect setups on entries.
3 charts: 6 min short @ 89.84 @Top BB (blue); 377 tick short @ 89.85 @Top BB (blue); 8 tick (r) short @ 89.83 @ upper MA (blue LSMA), the third being my favorite trade with confirmation. Price action closed below both MAs and moved to upper MA for perfect short. The average is only one tick below the high tick and either 89.84 or 89.83 is a perfect short entry. With this setup on CL, your stop should be less than the 12 ticks for some other setups. Low risk and high reward trade. Oh, by the way, there is divergence on all indicators. My exit price is the close of the first candlestick over both MAs @ 88.73. For your info, this is 110 ticks. You should know that the price bounced over 30 ticks from 88.73 and hit the BB, on the 8 tick (r) chart, for an exit of the long, had you reversed the trade.
Hope you see just how powerful this system really is and the more who trade it can only make it more powerful.
Good Trading!
WK

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