I am thinking about starting a Crude trade room. I trade the crude US session...8-1:30cst. Here was what I was thinking.
If you want to join the room...
1. You have to be trading real money
2. You have to be trading a strategy and be able to write out your trade plan
That is it....anyone game?
So I will start, here is my trade strategy.
I chart with NT, but execute on the TT platform.
I use the futures.io (formerly BMT)envelope, Mikes Wave 5, 55 setting, futures.io (formerly BMT) Collective MA (those are only in the elite section) and Pace of Tape.
I trend and countertrend trade within the bands. The bands and waves pretty much tell the story and contain price. I just do my best to follow along.
I usually just start off with 1 contract and target 10 ticks. If the trade goes against me, I like that, because I can start to ladder in and build some size otherwise I am only picking up $100.00. My ladder is based on the band levels on the 5min, 15 min and 60 min chart. Profit target is usually 10 ticks or some other band or the Collective MA. The POT helps me see where a potential reversal is, so if the price is moving towards a band and the POT starts to build I dont always wait till the band is hit to get in. Alot of my orders are market, I am not picky about ticks, if I want in I get in.
Last edited by trippenlatin; March 17th, 2010 at 08:53 AM.
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I would like to be in a good crude room (as long as it's not too crude). Anyway, I trade a 6-8 range chart w/ 2 sets of keltners at 1.5 and 2.25, a linear regression line set at 5. I just watch the candles and all the doodahs cross each other and trade in the direction of the immediate price action with descretion of course. I use a stoch setting of 3-7-3 and a 43 setting on my cci for divergence. I also eyeball a 10 min chart with 20 - 100 - and 200 sma's and a 500volume chart with Heiken Ashi candles and a MACD of 3-10-1 to spot divergence. I also draw a line at 70 and 30 on my stock and add-on or scalp in direction of trend. These settings give me alot of latitude. I use this same basic set up for GC and TF. Also I mark my charts with S/R lines. I will post a screenshot later, my new quadcore trashed one of the hard drives today so I'm without charts for a day or 2