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CL Day Trading: THE EDGE-Multiple Charts
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CL Day Trading: THE EDGE-Multiple Charts

  #1 (permalink)
Trading for Profit
West Coast of Florida
 
Futures Experience: Intermediate
Platform: TradeStation, Danials Trading
Favorite Futures: TF, CL, & HO HOs
 
ESFXtrader's Avatar
 
Posts: 505 since Jul 2010
Thanks: 56 given, 2,283 received

CL Day Trading: THE EDGE-Multiple Charts

Try as you may and you will not find a better entry than this and it is confirmed on at least 3 charts that I always have up. The one change is on CL, I use 10 tick (r) instead of 6 tick (r) on most other futures' contracts. The other 2 charts are 45 min and 12 min. The short is indicated at the BB on all 3 charts within one tick and within 1-2 ticks from the high before the crash of almost $5 from the high. The middle chart is the only one where the price action did not exceed the BB of 20, 2.5-blue and only exceeded the 20, 2-red with divergence on all indicators. The BB is most often the best entry on a reversal and when confirmed on 3 charts with indicators as seen, is very often a big move in expected direction. In this case it was a short from either 100.08 or 100.09. The exit will vary, depending on your style of trading. Best results come using multiple contracts and closing half at the lower blue BB at 99.45 on the 12 min chart and holding the other half for the big move. The 4 hour chart has an exit at 96.33. I can't imagine trying to capture more gains. It was reported that the crash was due to a fat fingered .....sell of 20,000 contracts. Another report: ICE declines comment on rapid Brent crude oil crash - CNBC
Whatever the case, being on the right side of the market is what matters.
This is hoping you become the trader you want to be.
WK

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CL Day Trading: THE EDGE-Multiple Charts-cl-oil_short_trade_on_3_charts2012-09-17.png  
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  #2 (permalink)
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  #3 (permalink)
KingK
Toronto, Canada
 
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Looks great!

Do you have any more examples?

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  #4 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
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Quoting 
Try as you may and you will not find a better entry than this...

It's easy to post entries/exits in hindsight and pretend your framework is the best thing in town. Do post your trades before they occur or right after an entry to make your charts more credible otherwise people will think you just need a proper set of indicators to make money.

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  #5 (permalink)
Trading for Profit
West Coast of Florida
 
Futures Experience: Intermediate
Platform: TradeStation, Danials Trading
Favorite Futures: TF, CL, & HO HOs
 
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Posts: 505 since Jul 2010
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CL Day Trading: THE EDGE-Multiple Charts


trendisyourfriend View Post
It's easy to post entries/exits in hindsight and pretend your framework is the best thing in town. Do post your trades before they occur or right after an entry to make your charts more credible otherwise people will think you just need a proper set of indicators to make money.

Hello Trend is my friend,
I have certainly done just that in a trading room, but the one who ran the room asked that I not continue to do it, as it was not what he was teaching. I posted about 30 trades in a month and all were winners, partially by moving the stop to protect my gains and partially because of the big moves. I actually called the high and low tick (and captured every tick) on one trade and even he was amazed.
We all know there is no Holy Grail, but my system is the best I have seen.
Remember, my entries are at the close of a candle if there is no BB entry with confirmation.
Since we have conversed before, I thought you might give me the benefit of the doubt, but I understand your not doing that because you have not tried it yourself. Whether you ever choose to or not is up to you.
It is a known fact that the European traders use BBs far more than those here in the US. I learned some of what I do from webinars given by pros.
The other thing about BB entries is that you must determine the entry at times before the BB is actually hit and place the order. Sometimes it is well defined and sometimes, in live action, it is a moving target. I do not guess when it is a moving target. It then must retrace from the BB and return to it, with divergence, as seen in the second chart.
AND I KNOW, the Trend is Your Friend.........sometimes and some of the best trades are reversals.
As far as just needing a proper set of indicators.....there is more to that than just having an indicator. You must have successfully traded an indicator as a confirmation to the price action to have any meaning to you and any other trader would then need to do the same to know it will work for them.
I will add more charts later.
I hope this helps.
Good trading.
WK

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  #6 (permalink)
Trading for Profit
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CL Day Trading: THE EDGE-Multiple Charts

This shows my system on a daily chart. The trade would be either a reversal or a continuation trade after the open of the next day or reversal at the BB or the Green MA on that day. The Day trade entry would be from a smaller time frame. Here I am showing the CL chart because this Thread is just that. This will work on any futures' contract or other vehicle traded. The system will give you an expected direction to trade, usually on the following day.

Attached Thumbnails
CL Day Trading: THE EDGE-Multiple Charts-cl-oil_daily_chart_2012-may-sept17.png  
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  #7 (permalink)
Trading Apprentice
san jose, CA
 
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Using multiple time frames is a proven method. There is nothing to argue about it. You spot your signal on the big chart(s) and use a smaller time frame/tick/volume chart to spot your entries.

 
  #8 (permalink)
Trading for Profit
West Coast of Florida
 
Futures Experience: Intermediate
Platform: TradeStation, Danials Trading
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Posts: 505 since Jul 2010
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CL Day Trading: THE EDGE-Multiple Charts

Practice can make your trading of a system perfect, but it will never make your trading perfect. As good as any system is, a loosing trade is inevitable. But with a very good system where a trader perfects trading it, and in my system, that includes moving stops to protect gains; the trader should be able to limit losses and grow their account very nicely. That's the bottom line.
Here are 2 more examples of multiple charts' trading. The first shows CL 12 min, 10 tick (r), 610 tick, & 30 min charts. 1st, 2nd, & 4th charts show the short at the BBs. The 3rd or the 610 tick shows the short at the Green MA or RMA.
The 2nd chart is HE or lean hogs and is just another example of the 6 min and 6 tick (r) charts and the trades marked on each so you can see how well it works. I marked this for another trader and just included it as an example only, as this is about trading CL on multiple charts.
The more examples you have, the quicker you will see just how powerful this is and how much it will help you in your entries.
If you look closely, you will see that the entries are all from 96.71-96.74 with a high of 96.77 on the CL charts. And the exits match up nicely as well with only a small range difference.
Hope this helps.
WK
PS The other thing I failed to mention is that the BB entries all have divergence which helps confirm the short trade.

Attached Thumbnails
CL Day Trading: THE EDGE-Multiple Charts-cl-oil-4charts_short_same_trade2012-09-19near0350.png   CL Day Trading: THE EDGE-Multiple Charts-he-lean_hogs_6min-6tick-r-charts-trades2012-09-17_0210.png  

Last edited by ESFXtrader; September 20th, 2012 at 02:21 AM. Reason: BB entries all have divergence.
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  #9 (permalink)
Trading for Profit
West Coast of Florida
 
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Favorite Futures: TF, CL, & HO HOs
 
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CL Day Trading: THE EDGE-Multiple Charts

This post, which is duplicated on my other active threads, shows the settings on my Indicators. This should answer many questions.

WK

Attached Thumbnails
CL Day Trading: THE EDGE-Multiple Charts-cci-macd-rsi-_wcci_indicator_settings_on_dt_pro.png  
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  #10 (permalink)
Elite Member
Quebec
 
Futures Experience: Beginner
Platform: DTPro
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DT Pro - Template


I just got DT Pro installed this week - it is free if you fund an account and no, I have zero affiliation with them - I got the platform to better match WK's setup and in particular the LSMA. They do provide a 2 week free platform trial.

I notice that if I save all the settings as a template I can apply that template to other charts as would be expected. What is annoying is if I close the application the charts reset themselves and the template although available is effectively empty. My work around thus far is to export the settings to an xml file after indicator setup and then when I re-launch the software I re-import the settings and apply the template. Clearly if I keep the software running all is well but I then live in fear of a reboot ! I also could not find a template file in the directory - it seems to be part of the program and not detachable.

If anyone encounters/encountered similar with a better solution kindly advise.

thanks and thanks WK for all posts and willingness to help us all !

L


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