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

  #61 (permalink)
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cunparis View Post
...Crude is very fast, instead of changing chart settings to try and get around that, I think looking at slower markets makes a lot more sense.

Yep. You can't "slow down" CL by selecting a different bar type. Slower markets or of course bigger time frames would be a better way.
Btw, if you think CL is fast, have a look at FDAX

vvhg

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  #62 (permalink)
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andrewrunners View Post
Hi:

I have been trading CL successfully for some time now using 3 time frames....

Hello @andrewrunners,

Welcome to futures.io (formerly BMT).

Based on your comment shown above, why change anything? If you have found a way to consistently make money using any method or instrument, why are you looking to change anything? I find that many people look to "optimize" what is already working, and end up hurting themselves more than anything.

Also, can you provide more information on what you mean by you missing your entry point? Are you using a limit order and you fail to get filled?

Personally, I prefer range bars, 6 range for entry, and always use market orders. I will on occasion get some slippage more than a tick , but I am looking for entries which are usually followed by some decent momentum, and thus don't want to miss my entry point. Range bars speak to me, Renko may speak to you better. As far as a larger chart, I only use them when price is trading outside of my entry chart, and I need to determine a possible area of support/resistance, for stops/targets.

Keep it simple, and if you have something which is working, only look to increase size, and not change anything else.

Just my $.02.

Gary

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  #63 (permalink)
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Welcome



andrewrunners View Post
Hi:

I have been trading CL successfully for some time now using 3 time frames. My trading chart is 300 ticks, medium time frame 900 ticks and long term time frame 2700 ticks. I used a momentum indicator, a cycle indicator and a volume indicator. I take shorts at cycle highs and go long at cycle lows but there must also be a concomitant tradable wave pattern, or a nice ABC retracement. I enter one tick above my trigger bar for a long and short one tick below.

The problem I have is that crude moves so fast that there are many times that price shoots past my desired entry before I can get it down onto the chart. So I have decided to try a switch and trade range bars or renko, which should work just as effectively with my strategy.

So I have these questions I hope someone out there can help me with.

1. Would Renko Bars be better than range bars?
2. Does anyone have any ideas as to the settings for range and renko bars on a trading chart and a longer term chart.
3. Any other tips for trading CL.

I would be happy to share my exact trading strategy with anyone that is interested. I can post a screen shot, my indicators and their settings.

Many Thanks

PS: I am new to Big Mike's and in the week or so I've been here I’ve been amazed at the incredible amount of great information that this site contains.

Hi Andrew,

I guess you are considering range or renko, not so much to 'slow' the market down, but more because range and renko have a definable point where the bar will close and the next one open. In that way I assume you are saying your strategy allows you to see a signal setting up so you would put your order in advance at the forecasted close of a bar (or +1 tick or whatever).

I trade CL this way. I used to trade a range chart like Gary, but 7 tick. Now I use a 5 tick Renko as I find this talks to me better. I use BetterRenko but SbSRenko works just as well.

I scalp for 4 or 5 ticks (on most setups) so I use Limit Orders for entry - but I acknowledge a number of times you will not get filled as the market skips past your limit. Gary (see his post above) accepts a little bit of slippage as he is going for bigger profit targets that I am.

Best thing to do is put up 3 charts (yours, range and renko) and trade them in SIM for a while and see what you think.

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  #64 (permalink)
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Trading CL with 2 charts

Hi Gary and Steve:

When I say missing my target I am referring to this. I believe that my entry is going to occur one tick above or one tick below the close of the currently forming bar. I have my set up in place but this bar needs to trigger the set up so I must wait for the tick bar to close. Once it closes I need to place my order fast, but sometimes the market moves so quickly that my limit order never gets filled. I wind up loosing out on a nice winner.

As far as trading one chart is concerned, it is my own personal bias not to do it. I cannot even count the number of great trade set ups on my trading or trigger chart I have passed up because, momentum, volume or cycles are moving in the opposite direction on the higher time frame. If I would have taken the trade I it would have been a looser or at best a scratch win. Its when these energies align that you get your low risk, big winning trades.

What’s tough about trading range bars is trying to figure out what your longer term time frame chart should be. Today I traded CL on SIM, using an 8 range as my trigger chart and a 900 tick as my confirmation chart. Optimally, the ratio should be about 3:1. This worked out really well for me. I hit my first three trades and all three were nice runners.

Here is the magic of trading 2 charts. Your short term or trigger chart defines your risk. You enter one tick above or below the trigger bar on your short term chart with your stop one tick above or below the same bar. So the length of that one bar defines your risk. But then you follow the cycles, momentum and volume on the longer term time frame to determine your reward. It can be nail biting at times, as the shorter term time frame goes trough 2, 3 or even 4 cycles, with the market making small retracements against you with each cycle as the longer term time frame chart pushes forward on its “entry” cycle”. But this is how you can capture a 5 wave move.

If you trade 2 or more contracts you should close your first right before first support or resistance level, close the second in the same way if you trade 3 contracts and then try and get a full long term cycle run out of your last contract. This is where you get a 5 wave winner. Just one trade like that and you’re done for the day. But the hallmark of the strategy is that your risk is small and potential reward huge.

AndrewRunners

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  #65 (permalink)
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.........my $0.01 on the CL

in between the Ichimoku Kumo strategy, the PivotDisciple, & the Daily Range
the CL has been one beautiful roller coaster ride!

thank you @Gary for your NT7 ATM strategy

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  #66 (permalink)
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CL Range Bar 8 Trading (trigger) chart

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  #67 (permalink)
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short CL@ 100.1?

crude is getting hit around 100 every time it crosses that area in the past few weeks. does any body see this worth a short @100.1?
or is it just building abase before it goes higher back to its 103 range where it was sent down from ?


anybody with some technical charts / info to share ?

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  #68 (permalink)
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gkopparam View Post
crude is getting hit around 100 every time it crosses that area in the past few weeks. does any body see this worth a short @100.1?
or is it just building abase before it goes higher back to its 103 range where it was sent down from ?


anybody with some technical charts / info to share ?

This is a very old, and no longer updated, thread.

Better to look in the journals section of the forum for more active topics, like:

https://futures.io/trading-journals/12409-catching-big-waves-traders-journal-surfing-markets.html

and

https://futures.io/trading-journals/17308-day-trading-crude-without-indicators.html

And I am sure there are many others.

Mike

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  #69 (permalink)
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gkopparam View Post
crude is getting hit around 100 every time it crosses that area in the past few weeks. does any body see this worth a short @100.1?
or is it just building abase before it goes higher back to its 103 range where it was sent down from ?

anybody with some technical charts / info to share ?

In theory every time a level is re-tested it's less likely to hold, however $100 is a very important level for crude.

Do you have a trading plan? If so would the short at 100.1 be valid? If so I think you should take it. If the answer to either question is "no", then I think you should not take it. The most important thing IMHO is to follow the plan.

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  #70 (permalink)
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i have 2 platform that i use, NT and metatrader4
my CL daily chart look like this whits one is right ?

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