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Trading CL (Crude Oil futures) #2
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Trading CL (Crude Oil futures) #2

  #21 (permalink)
Trade with the flow
Paris, France
 
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Scored again! Dragged my target down 5 more ticks this time.

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  #22 (permalink)
Trade with the flow
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Very intense trading today. Very challenging. Too much consolidation. But I got another good run from being patient.

Here's the setup for the last trade. As you can see I entered early, the bar reversed on me at the last minute. I'm still used to tick charts which go faster. Sometimes waiting for the 5min bar to close seems like eternity but in the end it's good cause I have a lot more time to think it over.

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So I put my stop well under support. I was really stretched here cause the stop was far away and I came close to taking a big loss. But I really have confidence in the HVC bars. In fact as we know triangle bottoms usually break to the downside but HVC bars were able to hold it up.

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Here's the end of the run. I really managed this one. It was up almost 40 ticks and I got out with 32. I think next time I just get out at 30 and save myself some trouble.


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I quit trading CL at 11:30 ET so that's it for me. 75 ticks = $724 for CL. Time to pick up my kids and take them to the playground. I'll hit ES for the last hour after the kids are in bed.

Let me know if you have any comments or suggestions. I appreciate feedback.

PS: I'm experimenting around with some indicators but I'm not using them in my trading. just looking at them afterwards to see if they could have helped. So far the answer is NO. Price & Volume are the only true indicators.

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  #23 (permalink)
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Thanks for posting these charts and explaining your trades. Its a big help.

David

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  #24 (permalink)
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David View Post
Thanks for posting these charts and explaining your trades. Its a big help.

David

My pleasure David, I'm glad you found it useful. I struggled for a long time and I told myself that when I became profitable I would help others as much as I can.

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  #25 (permalink)
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Are you finding the 5 min chart to be the best time frame to use. I had gotten away from minute charts and have been only using range, but am having a look at the 5 min again.

Thanks, Jeff

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  #26 (permalink)
Trade with the flow
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jdella View Post
Are you finding the 5 min chart to be the best time frame to use. I had gotten away from minute charts and have been only using range, but am having a look at the 5 min again.

I don't use range so I really can't say anything bad about it. Many people use range here.

I like to use time or ticks so that I can see the relationship between the open and the close. This is very useful for reading price action in my opinion. Yes the open & close are a bit arbitrary due to the tick/time length chosen, but I still find it helpful.

Whether 5 min is best depends on what kind of moves you want to catch. I wouldn't scalp 5 ticks off a 5min, and I would trade a 150 tick chart looking for a 30 pt swing. The trick is to find the chart that shows you what you need for the objectives you have (stop & targets). I'm still experimenting but so far 5min has one advantage for me: I use 5min on all markets. So it's consistent and easy to look from one to another.

Really it's a personal choice that comes with lots of trial & error.

Got my butt handed to me attempting to trade this consolidation. It's not easy to see it's consolidation until it's too late.

If someone wants to post another timeframe, tick, or range chart we can compare. Perhaps it'd be more visible with anther chart time. Unfortunately my Ninjatrader is hung "loading data" so I can't open any more charts. If they nothing other than fix the bugs for NT 7 I will be a satisified customer!

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I just noticed the warning was there, you can see lots of overlapping bars on the left hand side of the chart. That showed that things weren't all good..

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  #27 (permalink)
Trade with the flow
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I didn't trade yesterday, took the day off because of FOMC day and I worked a full day at work to make up for my losses on Tuesday. I really lost it on Tuesday. Totally discarded my rules, overtraded, revenge traded, the whole 9 yards.

BUT taking the day off yesterday really did me good cause it gave me time to reflect and clean up my act.

Result?

30+34 ticks today on CL. a 3rd trade was BE.

Back in the saddle..

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Notice the KCD indicator is printing a KCD warning and there is bullish divergence on the indicator. It's increasing showing momentum is up. This is why I do not use indicators. I put this on recently just to see if it would help anything and I'm taking it off! Do not trust indicators, even commercial ones (this one is $$$$). Trust your ability to read price & volume. They do not lie.


Last edited by cunparis; September 24th, 2009 at 11:51 AM.
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  #28 (permalink)
Market Wizard
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cunparis View Post
I don't use range so I really can't say anything bad about it. Many people use range here.
....

If someone wants to post another timeframe, tick, or range chart we can compare. Perhaps it'd be more visible with anther chart time. Unfortunately my Ninjatrader is hung "loading data" so I can't open any more charts. If they nothing other than fix the bugs for NT 7 I will be a satisified customer!

...

d..

hard to say if it was more visible or not since it's a history chart.

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  #29 (permalink)
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cunparis
I really like how you trade. Please keep it up. On my play along at home version the only thing I have added to your charts is that I replaced the horizontal lines with a square of nine based on a recent monthly or weekly high. I use this to set targets such as green to green or red to red. See chart. I have always done the market replay at the end of the day going through and marking the chart again as I go and I agree with you that this screen time is invaluable. If you were faked out during the day you get a "second" chance at it. (Hopefully you get it right the second time with hindsight 20/20 glasses installed...) But I think seeing the exact fake-out move again and spending the time to reassess it correctly reinforces good habits.

note: reassess sure is a funny looking word...

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Last edited by websouth; September 25th, 2009 at 01:38 AM.
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  #30 (permalink)
Trade with the flow
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First two trades today.

I came home at 8:15 NY time. Just missed a setup on CL. I entered a limit order on my DOM and then took it off. Why? Cause news was coming out and I didn't want to chase the market. I always enter on a stop. That way you enter with momentum and not with price pulling back.

Then I watched price drop 100+ ticks. Bummer. But better to not have risked loosing cause news is dangerous!

So what to do? Relax and wait for the next setup. There's always a good setup. Every day. Usually several. Pick and choose. But always take the good ones.

34+ ticks only cause I couldn't drag my profit target fast enough. I have a quad core with 4 gigs ram and Ninjatrader is still slow when price moves very fast. Bummer. I suspect it's one of my indicators but I'm not sure, probably the one I said I was going to remove!

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