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

  #41 (permalink)
Trade with the flow
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I'm in a short Euro & CL trade here and I'm waiting for a setup on ES so I thought I'd expand a bit on my last post.

Over the last 2 weeks I have tried scalping euro & CL for 10 ticks. The results were not positive. I'm sure others can be quite successful doing that but it just must not fit my style or personality or whatever cause I couldn't do it. A few days I had 38 trades on CL alone. That's just crazy.

So now I'm back to my original naked method which is just trading breakouts of S/R. That's it. Nothing fancy. Really simple really. And you don't need any indicators to do it. Just price.

The only downside is for euro & CL I use a stop of around 30 ticks. That's $300 for CL which is quite a lot. I had a few days with 3 losses and that's $900 for the day which really hurts. That's what got me thinking maybe scalping is safer. Well it wasn't for me. So now I'm back to my old self.

Having a 30 tick stop made me really nervous and that affected my trading. So to overcome this I told myself I'd do at least 1 week on sim and I'd let every have a chance to run. My goal is 30-50 ticks on a winner. Just 1 winning trade is enough for me and I can quit for the day.

Today I was trading Euro on the london session. I got stopped out for 20+ ticks. That hurt a bit but I stop & reversed and the reversal I made 50 ticks and ended up positive $300 for those two trades. The only two I did on the london session.

I just go stopped out of my CL trade at +1 tick. It was up around 30. I'm trying to find the optimal profit target and I'm debating between 30 & 50. 30 would have worked best here but other times it runs for 100+ ticks.

I reversed though so let's see what I can get on the long side.

I will probably move this to a journal so that I can post Euro & ES trades too. That is if anyone is interested.

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as with all the other indicators, I am playing around with the slingshot but not using it for my trade decisions.

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  #42 (permalink)
Site Administrator
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Take notice of the slightly bigger picture on CL even for short-term "scalpers".... this trendline is important.

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Mike

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  #43 (permalink)
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Here is today's. You can see the trendline in my prior days chart was respected still today, and price moved up to the weekly R2 line.

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Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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  #44 (permalink)
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No, I do not trade a 60m chart. I trade a 6 range. But I use multiple charts to know what it is doing, a 6 range isn't going to tell you where the market is going.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
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If you want
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  #45 (permalink)
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I disagree. Which is why I posted the big picture chart and said "take notice even for short time scalpers".

If you watch any of my videos or read my blogs, you will know I always say you need multiple time frames.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #46 (permalink)
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haim,

From my understanding of your other posts, you are unemployed and are struggling for money to pay your heating bill. You consider trading to be your only skill. You've blown your account.

Judging from this, and your replies on this thread, please take my advice and stop trading. You need to go find something else to support your family. Once your family is taken care of, you can then continue learning about how to trade.

It is easy to get caught up in the "hope" that trading will save you. It will not. I'm sure you've read many books on trading, how do they all start? Something like this "if you're interested in trading and are trying to pay your bills from trading alone, stop right now it won't work" or etc.

In addition, CL is not a beginners instrument. So you should not even be considering it. You attempting to trade CL is gambling, not trading. There are plenty of good posts and threads on the forum that explain what you should do as a beginner, and none of them are going to say to trade oil.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #47 (permalink)
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BTW,

I've rolled over to the 12-09 contract as of this evening. I was seeing more volume on it in the AH session, but I will check it again tomorrow before open just to make sure.

Just a reminder to my fellow oil traders.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #48 (permalink)
Trade with the flow
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Big Mike View Post
Here is today's. You can see the trendline in my prior days chart was respected still today, and price moved up to the weekly R2 line.

Hey Mike,

Thanks for posting this chart. I only trade 1 timeframe and I don't look at CL's larger charts. But it's interesting to see how it's really range bound. My CL trading has been pretty bad this week and last week and I was wondering why. It's pretty clear on your chart.

So I'm focusing my efforts on avoiding trading during trading ranges on my intraday chart (300 tick & 3 minute right now, I'm tweaking that often).

In fact a few weeks ago I was trading CL on 5 min chart and doing very well. Then 5min started looking weird to me. The bars overlapped like crazy or they were real tall followed by more overlapping bars. So I lowered my timeframe trying to find some patterns I could trade.

What I realize now is that I should have stuck to the 5 min and if the bars overlapped or it just didn't look right I should have just not traded it!!!

Chalk that one up to experience. Now I'm working on reversal patterns to turn this range bound market into an advantage. Trying to trade a trending setup with a rangebound market isn't good and vice versa. Hard to know the difference during the day. 60m helps.

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  #49 (permalink)
Trade with the flow
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haim View Post
Do you know how much money Bruce Kovner had in his trading account when he started? He got 3K from credit cards and the rest in history......

So yes, the road is long but every marathon starts with the first yard and even with a fall on the face sometimes. NEVER give up on your dreams if you want to get somewhere .

Thanks again for your honest input.

I agree. Use your milk money for trading cause drinking milk won't make you rich.

Please keep us updated on your progress.

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  #50 (permalink)
CL Assassin
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cunparis View Post
I agree. Use your milk money for trading cause drinking milk won't make you rich.

Please keep us updated on your progress.

For every Bruce Kovner story, how many stories of people going broke and then never trading again do you think there are? He also supposedly got one trade which made $20K on his $3K, nice start!

It's not impossible, just unlikely. I think the pressure from trading under capitalized will make it more difficult than it already is to get a hold on the discipline and money management side of things. Have you decided what will happen if you lose another $3K?

Don't give up; I just think you need to approach trading with certain requirements and a plan ahead of time on what you will do when things are working and when they aren't.

Gary


Last edited by Gary; October 15th, 2009 at 12:09 PM.
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