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Personally I dont see any value in traditional lagging indicators. So ill leave that part of your question to users more versed in this area.
However one thing to be aware of, is that it is generally accepted that CL is not a beginners market. It is volatile, fast moving and has a relatively large dollar per tick. Since you're just starting out, you may want to try out a few different markets, dont just trade what seems to be the most popular. Markets have different personalities.
You may want to look at markets with smaller dollar per tick amounts, as well as get a feel for the different ways differing markets move.
I recommend that anything you put on your chart should have a specific purpose in relations to your entries, targets, and stops. Don't just put things on there to be on there.
I would like to start with a simple statement of the primary idea of this post is to help me. Yes, I said me. I hope it will help you as well, but, to be honest, if it helps me and not you, then I am still happy. :) I can't help you …
-great resource lots of great info there for sure if you're willing to take the time to read it....also ditto what @vegasfoster and @DarkPoolTrading said
Thanks heaps,
I much appreciate your reply and view.
I'm leaning more towards trading pure price movement as it seems to make a lot more sense to me. I'm relatively new to forums and chatting with other traders so wanting to send a few feelers out and see what else is out there and if there is anything I could pick up on in terms of indicators ect.
I will be sure to look around at other markets, experience their personalities and see how my trading style works with their movement.
A smaller dollar per tick amount sounds great to me.
These are not easy questions, for a perfectionist, but I will do my best, and will try not to over-think it. It will be more genuine that way I think. ;)
- How has your trading changed in the last 3 years?
I am a crude trader, nothing but. And I have used a lot of indicators. Probably 30% of what is available on futures.io (formerly BMT), and probably tested 90% of what comes stock in most trading platforms.
Before I give any advice on indicators, let me warn you, and encourage you, about what crude oil trading is.
Cons - CL is a very difficult market to trade. It is volatile, fast, pricey, can find any stop anywhere, and if you trade a small account and are learning to trade, you might as well just burn the money now.
Pros - If you will trade it sim for a few years (yes, I said years), it can be a very rewarding market. ES is what I refer to as a back and fill market, and crude is what I refer to as a momentum market. I did not make up those terms, not sure they are the exact terminology. But it means one moves slow and back and forth a lot, and the other can take off on a whim.
ES has a daily range of (I am guessing because it has been so long since I traded it), maybe 8-15 points? I could look it up, but whatever it is, that would be forty ticks if it were 10. Crude moves between 150-200 ticks a day. (again, don't have a chart open).
What makes CL great, is that it can move so much. What makes it very tough, and very dangerous, is that it moves so much.
That said;
1) Learn to read charts to define support and resistance. Without a single indicator. There is no indicator in the world that can give you a better edge than knowing WHERE to trade.
2) Watch volume, pure volume with no fancy colors, on a 1 minute chart. That will a) help you learn more about #1 above, and b) tell you who is doing what at a moment of opportunity.
3) Watch VWAP on ETH and RTH. I used to watch Donchian Channels, and T3 moving average set at 89-117-144, and that is decent, but not as easy to give different interpretations as VWAP is.
BUT - No indicator does anything that gives you much of a chance until you understand how to use it. The greatest golf club in the world will not make you Tiger Woods. It works the other way around. You learn to trade first, and then refine what you want to see in an indicator.
P.S.
Cons - CL is a very difficult market to trade. It is volatile, fast, pricey, can find any stop anywhere, and if you trade a small account and are learning to trade, you might as well just burn the money now.
