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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #1851 (permalink)
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Jeff Castille View Post
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Today's CL chart.

Jeff. I seen from threads here you trade CL. Can you share some details? Like what is your profit target in a trade, stop loss, are you using trailing for the exit, what kinds of?

CL looks interesting. Sorry for so many questions.

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  #1852 (permalink)
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CL


omaron View Post
Jeff. I seen from threads here you trade CL. Can you share some details? Like what is your profit target in a trade, stop loss, are you using trailing for the exit, what kinds of?

CL looks interesting. Sorry for so many questions.

Hello Omaron,

CL is a new market for me. I have been trading it for exactly 12 days. I am employing the same tactics that I normally do with the "All you Need" approach. After 12 trading days I have 10 winning days and 2 losing days. Since I am just becoming accustomed to the way CL moves I am trying to scalp +10 with a 15 tick stop. The stop can be adjusted to accomodate market conditions if necessary. (recent swing high/low) I hope to be able to take advantage of the volitility and be able to increase my profit targets in the future but......one step at a time. I'd like to be able to get good at my entries and getting my first target then.......once I achieve that I will look at the possibility of larger targets and runners.

I know that Big Mike and Gary trade CL.......I would recommennd that you read some of their stuff as they have been trading CL a lot longer than me.

Good Luck,

Jeff

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  #1853 (permalink)
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Thanks for the reply. Just one more. Should be simple . Do you use same trading hours like for ES or other emini?

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  #1854 (permalink)
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CL


omaron View Post
Thanks for the reply. Just one more. Should be simple . Do you use same trading hours like for ES or other emini?

No. The CL pit trading starts at 6:00 AM PST. There often seems to be some good activity right out of the gate. Then when the indexes open at 6:30 AM PST there is usually some choppiness before the market finds some direction. The CL pit closes at 11:30 AM PST so things are usually pretty slow after that. But again......these are just the observations of the last two weeks. When I was trading YM it took several years to really get a handle on a "typical" day. Of course once you figure out what is typical there are always exceptions. So I am sure it will take some time for me to see if there are any "time of day" occurrences in CL.

I would be glad to hear from any experienced CL traders on their observations of "time of day" occurrences.

Jeff

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  #1855 (permalink)
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hmm.. my NT is set on EST, so your PIT hours would translate into 9:00 open and 14:30 close. I see some pretty big volume after that hour too though, like 15:00, 16:00.

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  #1856 (permalink)
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omaron View Post
hmm.. my NT is set on EST, so your PIT hours would translate into 9:00 open and 14:30 close. I see some pretty big volume after that hour too though, like 15:00, 16:00.

Go through the last few months charts of CL and see how often there is any significant price movement after 11:30 AM PST.

I am not seeing very much movement during this time period. Of course there are always exceptions.

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  #1857 (permalink)
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Sometimes there is news near closing bell on ES that will make CL move, but most the time, don't trade it past pit close. Why would you want to trade after hours when cash offers so many wonderful opportunities?

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  #1858 (permalink)
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Big Mike View Post
Sometimes there is news near closing bell on ES that will make CL move, but most the time, don't trade it past pit close. Why would you want to trade after hours when cash offers so many wonderful opportunities?

Mike

I was just thinking about exit. Like if i am into a position before pit close and neither profit nor stop loss is hit, should i just close it when pit trading is stopped or can wait some more.

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  #1859 (permalink)
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omaron View Post
I was just thinking about exit. Like if i am into a position before pit close and neither profit nor stop loss is hit, should i just close it when pit trading is stopped or can wait some more.

I sometimes use a rule called "3 period rule". If price is moving in my direction within 3 bars, you exit. I don't always do this exactly like that, if I have good reason to believe it'll go in my direction I will be more patient. And sometimes I bail out and then price goes 30 ticks in my direction. But the idea is interesting.

To answer your question, I try not to enter any new positions right before the close. If a move is underway it's too late to get in and it could reverse due to profit taking. If a new move starts, it's not likely to move far.

I trade CL from 7:45 - 11:45 and then I'm done. I usually make most of my money before 9:30am, often before 9:00am. Often from 9:30 - 10:00 CL gets choppy. Sometimes a big move will come out later.

It takes a lot of experience to learn the characteristics of each market.

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  #1860 (permalink)
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cunparis View Post
It takes a lot of experience to learn the characteristics of each market.

You can say that again . Thanks for all the info.

Oh.. 7:45 - 11:45, but what time zone? PST, EST?

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