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The Crude Dude Oil Trading System


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The Crude Dude Oil Trading System

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  #401 (permalink)
west palm beach florida usa
 
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Big Mike View Post
I think that is ridiculous. It implies the methodology is what is important, when in truth the importance is the context and execution, neither of which can be "given" to someone else.

Mike

I agree with you, Mike. I was just repeating something I was told, today. Besides, I feel a sort of camaraderie to the members of this site.
I have learned so much from others on here , so if someone gleams only one small piece of advice...and it ends up helping them... then I am happy with that.

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  #402 (permalink)
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Big Mike View Post
I think that is ridiculous. It implies the methodology is what is important, when in truth the importance is the context and execution, neither of which can be "given" to someone else.

Mike

@Big Mike

Why is the methodology not important? Why do you believe it is useless? Not every one can hold on to a losing trade like you and have it become profitable.

Day traders like @lancelottrader work very hard on their entry and methodology and going after relatively (in your opinion) small targets work for them. Not everyone can afford to be $10K or $20kdown. Maybe you can, but not me.

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  #403 (permalink)
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mrmuggins View Post
@Big Mike

Why is the methodology not important? Why do you believe it is useless? Not every one can hold on to a losing trade like you and have it become profitable.

Day traders like @lancelottrader work very hard on their entry and methodology and going after relatively (in your opinion) small targets work for them. Not everyone can afford to be $10K or $20kdown. Maybe you can, but not me.

If that is what you think of my trades, you have the completely wrong idea. I've posted months worth of my trades in my thread, you should read it.

Most people think of methodology as a script of when to buy, when to sell. That is what I was referring to. Over the years people want to protect their secret indicators, it just shows a lack of understanding.

That alone is not enough. People that put all the emphasis on "method" are the same ones that think indicators can make them profitable.

The truth is a "method" is much more than that, and is largely context and execution which is not something easily "given away".

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  #404 (permalink)
west palm beach florida usa
 
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Today, Monday the 26th ..is one of those weak, choppy days that can get you into trouble. I won a couple of small trades early on ..then lost them back. So..broke even and am currently staying out..probably the rest of the day. Remember, Cash is a position.

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  #405 (permalink)
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do you watch other markets when trading CL?

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  #406 (permalink)
west palm beach florida usa
 
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jonc View Post
do you watch other markets when trading CL?

..
I have been also watching Tf..it happens to move in a manner at times that works well with my style of trading. I don't like the tick value of NQ and Dow..which are only $5. I've never really liked trading the S&P..

So..right now just SIM trading TF..and putting together some statistics. If it goes well, I will include that along with my live CL trading.

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  #407 (permalink)
west palm beach florida usa
 
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Pretty much broke even again on Cl today. There was one fast strong move after about 10:30 eastern..but I failed to jump in while it was moving.

Made about 60 ticks on TF (on SIM). I am starting to definitely get the hang of it. I have had many good days on it the last couple of weeks. A couple more weeks and I should be able to trade it live successfully.

The one area where I feel I have improved greatly is in controlling my emotions and impulses. One thing I strive to do is always observe the market and price movement in as objective a manner as possible. It's very easy to lose that objectivity when you have a strong directional bias, have just had a string of losses..or even a string of wins. The losses can suddenly make you unable to see that you are possibly in terrible market conditions. Your mind is clouded with the idea of recovering your losses. Any little setup or volatility can suddenly cause you to have an extreme desire to jump in. Your mind no longer is perceiving what the market is telling you. It is creating a false reality.

After several wins, this can also occur. You may get euphoric and extremely confident. You may fail to notice that price is now consolidating and you keep firing off trades. Suddenly you have given back all your wins.

This is why, no matter what happens, I keep verbally describing exactly what I see the market doing and not allow myself to fall victim to a faulty, emotionally driven perception of price movement. In other words, I don't impose my goals, fears or desires on the markets. I, now..wait patiently for the best possible setups that I believe are occurring.

Had, I mastered this ability sooner, my learning curve would have been significantly shortened.

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  #408 (permalink)
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lancelottrader, I think your trading style very close to mine. TF has a lot of the characteristics of the CL. You might already know that there are some market indicators for the TF.
The indicators are very similar what is available for the ES and NQ and also for the YM but I don't trade the YM very often. When I day trade the ES or NQ I do glance at $VOLD for the ES, ($UVOL/Q-$DVOL/Q for the NQ) $ADD for the ES ($ADVN/Q-$DECN/Q for NQ - the symbols naming convention per TOS).
I glance these values so I have an idea what the overall market is doing however I am watching very closely the 1 minute $TICK chart to go long or short or do nothing. So you may want to incorporate the market indicators into your TF trading. For the YM I use the ES stuff most of the time, but the TF quite often acts on its own.
Please note if whatever you are doing is working for you than don't bother, just keep doing what works.

Trading the CL I do look at what the HO and RB is doing. ex.: if RB and HO already at new highs or lows with a strong move and CL is a few ticks away from new highs or lows than most likely CL goes as well.
I did not read the whole thread therefore my apologies for my annoyance.

Hope this helps,

atata

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  #409 (permalink)
west palm beach florida usa
 
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Wow...Cl just went berzerk right around 10 am est...Same with TF...wonder what's going on.

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  #410 (permalink)
west palm beach florida usa
 
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atata View Post


lancelottrader, I think your trading style very close to mine. TF has a lot of the characteristics of the CL. You might already know that there are some market indicators for the TF.
The indicators are very similar what is available for the ES and NQ and also for the YM but I don't trade the YM very often. When I day trade the ES or NQ I do glance at $VOLD for the ES, ($UVOL/Q-$DVOL/Q for the NQ) $ADD for the ES ($ADVN/Q-$DECN/Q for NQ - the symbols naming convention per TOS).
I glance these values so I have an idea what the overall market is doing however I am watching very closely the 1 minute $TICK chart to go long or short or do nothing. So you may want to incorporate the market indicators into your TF trading. For the YM I use the ES stuff most of the time, but the TF quite often acts on its own.
Please note if whatever you are doing is working for you than don't bother, just keep doing what works.

Trading the CL I do look at what the HO and RB is doing. ex.: if RB and HO already at new highs or lows with a strong move and CL is a few ticks away from new highs or lows than most likely CL goes as well.
I did not read the whole thread therefore my apologies for my annoyance.

Hope this helps,

atata

Thanks a lot for your suggestions. I will look into some of those values to see if the correlation is helpful..although I try not to give myself too much info at one time. I mostly like to trade an individual instrument in Real Time. Again, I am always open to trying new things to see if they help...if I like the new thing ..I use it. If not, I won't . Thanks again.
I appreciate it.

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  #411 (permalink)
west palm beach florida usa
 
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72 ticks so far on Cl.

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  #412 (permalink)
west palm beach florida usa
 
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Another little scalp..9 more ticks...Now at 81 ticks for day.

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  #413 (permalink)
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lancelottrader View Post
Another little scalp..9 more ticks...Now at 81 ticks for day.

Seems to have slowed down. Don't give any back!

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  #414 (permalink)
west palm beach florida usa
 
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TheShrike View Post
Seems to have slowed down. Don't give any back!

You're right. Thanks..I think I am done.

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  #415 (permalink)
west palm beach florida usa
 
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lancelottrader View Post
You're right. Thanks..I think I am done.

Wait..lol..I may have a short scalp.

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  #416 (permalink)
west palm beach florida usa
 
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lancelottrader View Post
Wait..lol..I may have a short scalp.

In at 45.61

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  #417 (permalink)
west palm beach florida usa
 
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Ok..10 more. Now I'm done

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  #418 (permalink)
west palm beach florida usa
 
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Good day. I took at a long at 45.70..didn't like and scratched it. Final trade 45.62 to 45.51.

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  #419 (permalink)
west palm beach florida usa
 
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Glad I only went for about 10 on that last one. Look at it reversing.

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  #420 (permalink)
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lancelottrader View Post
Ok..10 more. Now I'm done


lancelottrader View Post
Glad I only went for about 10 on that last one. Look at it reversing.

Hard to stop, isn't it?

Good work.

Bob.

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  #421 (permalink)
west palm beach florida usa
 
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Lots of nice moves on TF after Rate statement...Killing it on SIM...should have gone live..
WIMP

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lancelottrader View Post
Lots of nice moves on TF after Rate statement...Killing it on SIM...should have gone live..
WIMP

The market will be there tomorrow. Was this one of your better days on CL? That 10:30 move was ridiculous. On the way up and down had some nice opportunities.

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  #423 (permalink)
west palm beach florida usa
 
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TheShrike View Post
The market will be there tomorrow. Was this one of your better days on CL? That 10:30 move was ridiculous. On the way up and down had some nice opportunities.

Yes it was ..on CL. Made 90 ticks. That's very good for me. On Monday and Tuesday, I broke even.
Made about 80 ticks on SIM TF trades and they were all after 2 pm.

It just shows that on a strong day, you have to take more chances and keep trading. I used to get to 30 or 40 ticks and call it a day. The problem is..then you can have a 40 tick losing day and end up back to nothing. So, on a day like today, it's "Pedal to the Metal!"

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  #424 (permalink)
west palm beach florida usa
 
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Trades today so far on Cl
1. +11 ticks
2. + 5 ticks
3. +26 ticks
4. -14 ticks
5. + 20 ticks
6. +10 ticks
Total as of 11: 11 am est 58 ticks on Cl

Up on Sim TF about 20 ticks

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west palm beach florida usa
 
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10 more as of 11:30 am on cl

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  #426 (permalink)
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do you look at volume when trading CL?

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  #427 (permalink)
west palm beach florida usa
 
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jonc View Post
do you look at volume when trading CL?

Yes...I have several volume charts of various timeframes..Sometimes I go as low as a 2 second chart...if big orders are coming in on a 2 second timeframe plus my tick strike indicator is showing fast volume accumulation, I have the confirmation to help decide on an entry.

My last video shows how I use Tick Strike in my trades.

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  #428 (permalink)
west palm beach florida usa
 
Experience: Advanced
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I hope that some my posts showing results aren't interpreted as me "Showing off." I have been struggling with trying to be consistent with my trading for many years as this thread can attest to.

If anything, I hope these posts show that there has been improvement that has come after many years of failing and not having any real consistency.

I will probably not post anymore results or videos of me trading for a while. My goal now is to incorporate TF live along with my CL trading. Once I start doing that successfully, I will probably show what kind of results I get trading both instruments.

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  #429 (permalink)
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lancelottrader View Post
I hope that some my posts showing results aren't interpreted as me "Showing off."

On the contrary. Your posts are an inspiration to those of us who are struggling that this thing can be done. In addition, I find your recent posts of charts of your trade locations very helpful to compare to what I am seeing. I hope you continue to post, though I know it can be a hassle.

Congratulations on your hard earned success!

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  #430 (permalink)
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I too hope you continue posting. Being a complete novice myself, I find comfort in knowing this can be done. I've read this whole thread in a couple days, inspiring stuff and I am now completely hooked, and this thread is a big reason why I feel I now have to master this.

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  #431 (permalink)
west palm beach florida usa
 
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NQbeginner View Post
I too hope you continue posting. Being a complete novice myself, I find comfort in knowing this can be done. I've read this whole thread in a couple days, inspiring stuff and I am now completely hooked, and this thread is a big reason why I feel I now have to master this.

Thank you for your positive comments. I appreciate it.

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  #432 (permalink)
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Quoting 
I hope that some my posts showing results aren't interpreted as me "Showing off." I have been struggling with trying to be consistent with my trading for many years as this thread can attest to.

If anything, I hope these posts show that there has been improvement that has come after many years of failing and not having any real consistency.

I will probably not post anymore results or videos of me trading for a while. My goal now is to incorporate TF live along with my CL trading. Once I start doing that successfully, I will probably show what kind of results I get trading both instruments.

Hey Lance,

I just had to emerge from my perpetual "lurker" state to let you know how much I've appreciated the enormous amount of time and effort you've put into this journal/thread. I think this is the only thread I've ever subscribed to (here or on any forum I frequent) and it's been immensely helpful to experience your ups and downs over the years.

When I first came across this thread, it immediately "clicked" with me, since we share a similar style of trading as well as having freakishly similar thought processes and emotional responses to our trades. Your posts have been truly inspirational and I don't think I can overstate just how much I (and I suspect many others here) appreciate your efforts.

Your videos in particular deserve recognition. It's apparent just how much time and effort have gone into them and--on top of everything else--you're quite simply a fantastic teacher.

Thanks again, and keep up the good work!

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  #433 (permalink)
west palm beach florida usa
 
Experience: Advanced
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Trading: Cl, TF
 
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Sniff View Post
Hey Lance,

I just had to emerge from my perpetual "lurker" state to let you know how much I've appreciated the enormous amount of time and effort you've put into this journal/thread. I think this is the only thread I've ever subscribed to (here or on any forum I frequent) and it's been immensely helpful to experience your ups and downs over the years.

When I first came across this thread, it immediately "clicked" with me, since we share a similar style of trading as well as having freakishly similar thought processes and emotional responses to our trades. Your posts have been truly inspirational and I don't think I can overstate just how much I (and I suspect many others here) appreciate your efforts.

Your videos in particular deserve recognition. It's apparent just how much time and effort have gone into them and--on top of everything else--you're quite simply a fantastic teacher.

Thanks again, and keep up the good work!

Wow! Thank you for the nice words. The fact that my journal has resonated with someone such as yourself makes me feel that it was definitely worthwhile for me to have posted on here.
To be perfectly honest, trading has been the most difficult endeavor I have ever been involved with..in my entire life. After being fairly successful at a few different things, I was totally unprepared for the pyschological challenges and the skills necessary to do well at trading.

I'm embarrassed to say how much money I have lost at this over the years and how discouraged and depressed it has made me. Matt Z, my broker at Optimus can tell you of phone calls I made to him..telling him to close my account because I wanted to quit. He never tried to stop me or talk me out of it, but instead would listen and offer some great advice. After a day or two of contemplating his suggestions, I would decide to hang in there. Matt is not only a great broker, but an exceptional human being as well. If you read this, for some reason..Thank you, Matt. I appreciate everything.

I would not say I've "made" it yet. But I see no reason why that I can't eventually earn a full time living from this: provided I keep my emotions in check, follow all my rules...and keep 100% focused at all times. And that...is not easy. I have an impulsive side to me that I have to constantly keep under control..that can cause me to do some truly epic stupid things, while trading.

Thanks again for your nice comments and the best of luck to you in your trading.

Lance

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@lancelottrader You made my day, my week and year.
I have a lot of respect for you because you trade live and share your real experience with trading in the most honest fashion without coloring it. You give them pure reality of trading, the pain, the happy moments and frustrations.

The underlying philosophy the runs me as a broker is the fact that I get compensated while you are the one taking the risk. I think if some other brokers would get this through their thick skull, they would stop treating retail in the sales fashion that it is treated today. I wish I could tell you that things are getting better in the industry, but it is not. Salesman disguised as brokers, sales companies disguised as software providers, etc.
If you end up with someone decent it's a miracle.

I wish you a good weekend, and again thank you for being an inspiration on this forum. I give you my "Market Wizard" crown, you deserve it 10 times more than me.

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west palm beach florida usa
 
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This video explains my ideas on Trade management.


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@lancelottrader You made my day, my week and year.
I have a lot of respect for you because you trade live and share your real experience with trading in the most honest fashion without coloring it. You give them pure reality of trading, the pain, the happy moments and frustrations.

The underlying philosophy the runs me as a broker is the fact that I get compensated while you are the one taking the risk. I think if some other brokers would get this through their thick skull, they would stop treating retail in the sales fashion that it is treated today. I wish I could tell you that things are getting better in the industry, but it is not. Salesman disguised as brokers, sales companies disguised as software providers, etc.
If you end up with someone decent it's a miracle.

I wish you a good weekend, and again thank you for being an inspiration on this forum. I give you my "Market Wizard" crown, you deserve it 10 times more than me.

Matt
Optimus Futures

There is a risk of loss in futures trading. Past performance is not indicative of future results.

Thank you so much for what you wrote..and everything else. I hope to drive up to your office soon to say hi .

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lancelottrader View Post
This video explains my ideas on Trade management.


Hi Lancelottrader,

thanks a lot for the latest video posted and this thread at all. This thread is such inspiring to me that i decided to give this scalping system a try on SIM. So i started SIM-trading the CL in a similar way (basically an EMA and Supertrend as helpers) in conjunction with BookMap to see the levels of liquidity and activity. Its not my intention to imitate in detail - its more to enrich my approach.

So far the first week was a good one (+58 SimTicks) and i want you to know that all your efforts you have put into this thread helped me. Of course i need to know the CL much better and i will do much more extensive practicing and collecting experiences.

So thanks again and have a nice weekend
Michael

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MichaelH View Post
Hi Lancelottrader,

thanks a lot for the latest video posted and this thread at all. This thread is such inspiring to me that i decided to give this scalping system a try on SIM. So i started SIM-trading the CL in a similar way (basically an EMA and Supertrend as helpers) in conjunction with BookMap to see the levels of liquidity and activity. Its not my intention to imitate in detail - its more to enrich my approach.

So far the first week was a good one (+58 SimTicks) and i want you to know that all your efforts you have put into this thread helped me. Of course i need to know the CL much better and i will do much more extensive practicing and collecting experiences.

So thanks again and have a nice weekend
Michael

That sounds really cool. I wish you all the best.
The more you watch the market..the more your brain will begin to see patterns. Most people don't allow their pattern recognition aspects of their brain to really develop. I like to do market replay (if you have that feature) and watch it a a fairly high speed . I don't even trade it...I just allow my brain to absorb it..even though it's playing at a high speed. You'd be surprised how this can activate parts of the brain. I do this on the weekends and go through a few days of trade sessions. I think it helps.

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Very astute via the replay. Pro athletes use visualization all the time with great results. This is just another way to do the same thing.

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This video explains my ideas on Trade management.


Lancelottrader,
Your after trade entry thought process is very important to many traders, specifically newbies and intermediate trader (like me) , and may be some advanced traders. Anyone can enter into a trade, but few can exit with consistent profits. Please keep it up. I know it takes a lot of time and effort. Today I learned to tailor the profit target with market context in mind. Very much appreciated.

Amin

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Trades on Cl as of 9:45 est

1. -11 ticks

2. +20 ticks

3. +20 ticks

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Scalped a little one for 10 ticks on Cl at 10:03

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Almost went long a few minutes ago at 46.50...instincts kept me out. Probably won't take anymore longs unless we get a big pullback.

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Took two more trades.
!. Short at 46.21- Didn't like it and got out at breakeven

2. Then a long at 46.30 because order flow showed buyers coming in..It appeared to fizzle..so got out of that also at breakeven.

May stop ..since it's after 11:20 and I don't want to give anything back. Happy with 39 ticks on a Monday.

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Little tricky today...feel like the market is making a monkey out of me. lol

1. +0
2. +10
3. +0
4. -11
5. +0
6. -7 ticks
7. +20

+12 ticks so far.

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What I need to re-learn..is..even if there's tremendous volume..it can be hazardous trying to scalp when you are up against resistance. It's sort of a Battle zone of buyers and sellers right now and I was dumb enough to jump in long and lose back my 12 ticks.

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Lance, it has been interesting to see where you are taking trades. Your charts have given me a lot of insight into what you are looking at for trade opportunities. In general, we are often looking at the same things but you tend to enter 10-15 ticks sooner than I do and are often taking profits where I would be just getting in. You also find trades where I don't see anything. Admittedly we are looking at different sized charts so that has a lot to do with it. However, based on the fact that we take similar risk (10-15 ticks per trade) I am probably waiting a little too long to get into some trades. Thanks again for posting your charts. Very helpful.

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lancelottrader View Post
What I need to re-learn..is..even if there's tremendous volume..it can be hazardous trying to scalp when you are up against resistance. It's sort of a Battle zone of buyers and sellers right now and I was dumb enough to jump in long and lose back my 12 ticks.

Question, was your rampage indicator giving you these clues with the yellow candles?

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Question, was your rampage indicator giving you these clues with the yellow candles?

No..not really..just going by the fact that things may appear to be breaking out because of order flow..but then when the level rejects..you can easily get stopped out.

I felt strongly we were going to get a breakout..and I entered a trade earlier and decided to give myself a little more room to withstand the bounciness..but ended up losing 20 ticks.. I ended up being right..but my timing was off.

So after being 20 ticks down, around 12:40 I tried again for the breakout long and ended up making a 13 tick winner.. and then a 45 tick explosive runner. So, almost made 30 for the day.

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No..not really..just going by the fact that things may appear to be breaking out because of order flow..but then when the level rejects..you can easily get stopped out.

I felt strongly we were going to get a breakout..and I entered a trade earlier and decided to give myself a little more room to withstand the bounciness..but ended up losing 20 ticks.. I ended up being right..but my timing was off.

So after being 20 ticks down, around 12:40 I tried again for the breakout long and ended up making a 13 tick winner.. and then a 45 tick explosive runner. So, almost made 30 for the day.


That's great. I want to be just like you lol

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Tap In View Post
Lance, it has been interesting to see where you are taking trades. Your charts have given me a lot of insight into what you are looking at for trade opportunities. In general, we are often looking at the same things but you tend to enter 10-15 ticks sooner than I do and are often taking profits where I would be just getting in. You also find trades where I don't see anything. Admittedly we are looking at different sized charts so that has a lot to do with it. However, based on the fact that we take similar risk (10-15 ticks per trade) I am probably waiting a little too long to get into some trades. Thanks again for posting your charts. Very helpful.

I think by the time a lot of people get the confirmation they are looking for, a good portion of a move has already happened. I credit my years of screentime watching Cl on the same chart setup for some of my timing.

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Ok..last trade of the day...a little 10 tick scalp. Almost made 40 ticks on Cl today.

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Ok..last trade of the day...a little 10 tick scalp. Almost made 40 ticks on Cl today.

Are you having fun yet?

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This video gives a few tips on trading the Cl 10:30 est report.

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I think by the time a lot of people get the confirmation they are looking for, a good portion of a move has already happened. I credit my years of screentime watching Cl on the same chart setup for some of my timing.


I have not been watching CL for a number of years. How is the volatility these days compared to when the price is between 110- 95 ?

Was it easier or more difficult to trade intraday when the plunge to $50 happened end of 2014?

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This video gives a few tips on trading the Cl 10:30 est report.

hey man
quick question.. I've been looking for that momentum/volatility indicator (the one that sounds like a machine gun) for a while couldnt seem to find it anywhere. Could you give me the name of that particular indicator or was that package with something else? thanks man

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hey man
quick question.. I've been looking for that momentum/volatility indicator (the one that sounds like a machine gun) for a while couldnt seem to find it anywhere. Could you give me the name of that particular indicator or was that package with something else? thanks man

It's "TickStrike", I asked the same question a while back.

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jonc View Post
I have not been watching CL for a number of years. How is the volatility these days compared to when the price is between 110- 95 ?

Was it easier or more difficult to trade intraday when the plunge to $50 happened end of 2014?

Hi..sorry for the late response. Honestly, I'm not sure there's a big difference. I'd have to really check the ATR levels then and compare it to now.

Oil still has those big moving days..and then other days just chops around. It doesn't seem to be much different as far as I can tell.

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I have noticed that on many post Non farm payroll days..oil tends to go into a period of choppiness. I think from now on..I will probably just avoid it on Non farm days.

Below are some examples of what I mean from today's Cl charts. That's what lousy price action looks like.

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Sorry..I realized I left some account numbers visible...I will remake the video without them.

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Ok..here is the recap video for today showing some good momentum setups.


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Subscribed after lurking for a while. Thanks Lance.

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west palm beach florida usa
 
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Quick 3 minute recap video of today's trades.


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lancelottrader View Post
Quick 3 minute recap video of today's trades.


I see you're going for quick scalps more these days. Whatever works!

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MetsFanTrader View Post
I see you're going for quick scalps more these days. Whatever works!

I choose targets based on the market conditions and the potential of each trade. The one's I took today never went much beyond where I got out. No sense holding for 30 or 50 if it has little chance of getting there. Unfortunately I wasn't in front of my screen for the bigger moves. But I don't mind taking 10, 20 or 30 ticks . If someone can average 20 to 40 ticks a day, and they can eventually leverage large amounts of contracts...then they should be able to generate a very nice income.

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I choose targets based on the market conditions and the potential of each trade. The one's I took today never went much beyond where I got out. No sense holding for 30 or 50 if it has little chance of getting there. Unfortunately I wasn't in front of my screen for the bigger moves. But I don't mind taking 10, 20 or 30 ticks . If someone can average 20 to 40 ticks a day, and they can eventually leverage large amounts of contracts...then they should be able to generate a very nice income.

Understood. The first thing one must try to evaluate is market conditions and trade/not trade accordingly.

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Just took a few scalps today.. made about 30 ticks.

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  #469 (permalink)
west palm beach florida usa
 
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Pretty good day again.... I think I will be taking a hiatus from posting anymore videos or charts for a while. There seems to be an overall lack of interest. I suppose it gets repetitive seeing the same types of setups etc.. I think I have pretty much explained things by now throughout this thread and there is no need to keep going over it...especially since there is very little interaction. Maybe there isn't enough experimentation and "The Eternal Quest for the Holy Grail " type thing that seems to intrigue more people?

If anyone feels like posting any questions about trading Cl..or even TF, I will be happy to respond.

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  #470 (permalink)
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Selfishly I wouldn't mind seeing you continue to post, but I understand not wanting to if you are not getting much out of it. Thanks for sharing. It has helped.

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  #471 (permalink)
west palm beach florida usa
 
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Thought I would write a bit about the system and how each step has a function. Many of the steps evolved from observing common mistakes I would make.

1. Research and Battle plan- By researching all relevant support and resistance levels and scrolling through the overnight session, I can assess what has happened, where a potential influx of buyers or sellers might come in ..and come up with a pre market open strategy that reflects that research.
Often when a market would open, I would trade without having that kind of info in front of me. Then I would be surprised when price reacted to certain levels I hadn't thoroughly assessed. It's helpful to have a plan of action before the market opens. Now this plan can be adjusted as the conditions reveal themselves. My plans often take both short and long trades into consideration. Even if a strong trend appears to be in place, things can change quickly in Cl. I always think in both directions.

2. Commentary, Trade setup announcement and checklist- As I have mentioned I do a verbal commentary on what I feel is happening at any given moment in the market and when I am about to enter a trade I announce the type of setup it is. Often..there are many moments that tempt me to want to enter a trade..even if that trade setup doesn't meet my criteria. I have specific names for my 3 or 4 setups I use...and if the opportunity does not fit into one of those setups, I take a pass. This prevents random entries that simply "look good" or they "feel" like they are moving up..or down.
Then before entering I do a quick checklist for possible adverse conditions. These may include price congestion in the way of a target...the stop placement requires more risk than I want..the entry is already late and way past my designated entry point...the conditions are weak and there is no momentum. Maybe news is coming out in 5 minutes or has just come out a few seconds ago..So, in other words even if I see a setup that structurally is one of my favored types, I will not take it if there are too many adverse conditions at the same time.
This, in my opinion, is the main reason traders fail. They may have a system or setups..but they don't have the ability to process real time adverse market conditions. So, they hop from one "Holy Grail" system to the next..because they never learn how to read market conditions. It's the same reason most automated systems have long periods of drawdown. They simply can't adjust to changes in conditions.

3. After a few losses, I take a brief time out and review my emotional state...and the state of the market. I then decide if my trade plan needs re-evaluating. Some days..the only valid trades turn out to be when price reaches an extreme price level and reverses. This means the path to those price levels is often to bumpy or choppy to take anything that leads to the destination. In other words..stay out until those price levels are reached. In the past I would take 4 or 5 losses in a row because I kept thinking, "Well maybe this one will work." Now, I know better.

By the way, in my last post..when I mentioned this thread doesn't get much interest, I wasn't directing that at the few people who consistently come on here and put their thanks and replies on my posts. I know who you are and I appreciate all of you. I like making the videos and sharing my ideas...but it is a bit time consuming..and I would prefer this to be more interactive. I don't think you find, on trading forums in general, someone like myself that actually shows their recorded sessions...and explains in detail the reasons for taking the trades. I am glad there are a few on here that appreciate that and again thanks for following this thread. You few are the only reason I continue to post in this journal.

Lance

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  #472 (permalink)
australia
 
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CL made a $2 (40.6 - 42.6) move early in this morning and almost reversed the entire move now.

Is this common? What caused the $2 jump?

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  #473 (permalink)
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jonc View Post
CL made a $2 (40.6 - 42.6) move early in this morning and almost reversed the entire move now.

Is this common? What caused the $2 jump?

Oil Price Up as Saudi Arabia Votes to Cooperate With Non-OPEC Nations - WSJ

Take your Pips, go out and Live.
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  #474 (permalink)
west palm beach florida usa
 
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jonc View Post
CL made a $2 (40.6 - 42.6) move early in this morning and almost reversed the entire move now.

Is this common? What caused the $2 jump?

Hi..While it doesn't happen every day, it is fairly common to see CL suddenly run up 200 + ticks and then quickly reverse almost the entire move. I've mentioned that in some of my posts on this thread..If one is flexible and can think in both directions..these moves provide some great opportunities.

I think this news this morning had something to do with the move.
Oil rises after Saudi Arabia reiterates willing to work with non-OPEC | Reuters

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  #475 (permalink)
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jonc View Post
CL made a $2 (40.6 - 42.6) move early in this morning and almost reversed the entire move now.

Is this common? What caused the $2 jump?

@jonc

The Saudi thing that others have mentioned was flagged in the Chat section of this site's main/home page.

Pays sometimes to glance at that for breaking news.

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  #476 (permalink)
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jonc View Post
CL made a $2 (40.6 - 42.6) move early in this morning and almost reversed the entire move now.

Is this common? What caused the $2 jump?

Oil Tumbles Back Into Red As Saudi "Whatever It Takes" Jawboning Is Not Enough | Zero Hedge

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  #477 (permalink)
west palm beach florida usa
 
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I'm in a long..holding for 40 ticks.

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west palm beach florida usa
 
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Took 30 ticks. instead,

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jonc View Post
CL made a $2 (40.6 - 42.6) move early in this morning and almost reversed the entire move now.

Is this common? What caused the $2 jump?

OPEC Says Higher Oil Prices Are Coming, Big Oil Companies Say No | Seeking Alpha

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steve2222 View Post
@jonc

The Saudi thing that others have mentioned was flagged in the Chat section of this site's main/home page.

Pays sometimes to glance at that for breaking news.

Just saw it. Thanks

are there also sites or twitter accounts which are good for real time oil specific news?

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  #481 (permalink)
west palm beach florida usa
 
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Re-entered at 41.58

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lancelottrader View Post
Hi..While it doesn't happen every day, it is fairly common to see CL suddenly run up 200 + ticks and then quickly reverse almost the entire move. I've mentioned that in some of my posts on this thread..If one is flexible and can think in both directions..these moves provide some great opportunities.

I think this news this morning had something to do with the move.
Oil rises after Saudi Arabia reiterates willing to work with non-OPEC | Reuters

" Speculators now hold more positions that are betting on a drop in the oil price than at any time since at least 2009, according to Reuters data. "

if OPEC decide to cut production on 4 Dec, we will have a huge pop in oil price

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  #483 (permalink)
west palm beach florida usa
 
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jonc View Post
" Speculators now hold more positions that are betting on a drop in the oil price than at any time since at least 2009, according to Reuters data. "

if OPEC decide to cut production on 4 Dec, we will have a huge pop in oil price

Honestly..I don't really care much about these news bits.. I just trade what is happening in the moment.

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west palm beach florida usa
 
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lancelottrader View Post
Re-entered at 41.58

Got out at 41.68 with 10 more ticks

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jonc View Post
Just saw it. Thanks

are there also sites or twitter accounts which are good for real time oil specific news?

@jonc

I don't use Twitter, but there will undoubtedly be Oil related feeds.

Most sites that quote news are not going to be 'real-time' unless you pay for it ie the move in oil will be well underway before the news site relays it.

But having said that, this one is only a few minutes delayed and amalgamates several sources:

Stock Market News & Blogs

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west palm beach florida usa
 
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Back in

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west palm beach florida usa
 
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Had to settle for 10 again...

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west palm beach florida usa
 
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Long again..this is getting silly lol

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west palm beach florida usa
 
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Took 10 again..Oh well...these little bites add up

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west palm beach florida usa
 
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Now..it decides to take off!! Damn

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west palm beach florida usa
 
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Took this little reverse scalp for another 10..That makes 70 ticks so far this AM

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west palm beach florida usa
 
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Back long ..looking another 20.

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west palm beach florida usa
 
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lancelottrader View Post
Back long ..looking another 20.

It just won't cooperate with my targets... Had to take 10 again...I'm king of the 10 tick scalps today...Think I'm done .

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west palm beach florida usa
 
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Final tally 100 ticks. Not bad for two hours of work in my bathrobe.

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west palm beach florida usa
 
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I have to stop posting while trading..because weird mistakes can be made....I thought I was typing on my thread..and I was writing 100 ticks...but I was actually Typing on Ninja in my trade quantity...and it had 100 lots in the window...lol. Not that I have an account that could trade it.... so no more posting and trading..I don't want an accident one day.

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west palm beach florida usa
 
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Ok..maybe not done yet.

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west palm beach florida usa
 
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Broke even..didn't want to give any back

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west palm beach florida usa
 
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Back in...

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west palm beach florida usa
 
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Going to hold this sucker for 20...win or lose.

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lancelottrader View Post
Going to hold this sucker for 20...win or lose.

Good luck. I made 55 ticks on the CL today. Glad to hear you did well.

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