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Catching Big Waves - a trader's journal of surfing the the markets
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Catching Big Waves - a trader's journal of surfing the the markets

  #981 (permalink)
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  #982 (permalink)
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CL futures

mark fisher daily analysis by Global research and Investments provide 2 type of daily analysis. First analysis is generated by computer based of historical patterns. second is by Mr. Hems ( discretionary) based off his understanding of 30 years of trading experience.

thus pre market analysis is labelled 1) computer 2) Helms.

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  #983 (permalink)
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mfbreakout View Post
mark fisher daily analysis by Global research and Investments provide 2 type of daily analysis. First analysis is generated by computer based of historical patterns. second is by Mr. Hems ( discretionary) based off his understanding of 30 years of trading experience.

thus pre market analysis is labelled 1) computer 2) Helms.

On Wednesday's i use OR of 8.30 am till 9.45 am 99.25- 96.99. Some body was looking at 99.25. Short, 99.16, stop loss 99.31. cover 98.70. Thats all one can do during reports days or be long with enough buffer zone to accomodate noise.

So, based off my OR, we have a failed A down so far.

Target is 98.50, scene of crime for breakout of Glob-ex high but I did not wanted to wait for another 20 minutes for 20 ticks. 98.50 breaks, 98 becomes target, and so on.


Last edited by mfbreakout; December 21st, 2011 at 11:56 AM.
 
  #984 (permalink)
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mfbreakout View Post
On Wednesday's i use OR of 8.30 am till 9.45 am 99.25- 96.99. Some body was looking at 99.25. Short, 99.16, stop loss 99.31. cover 98.70. Thats all one can do during reports days or be long with enough buffer zone to accomodate noise.

So, based off my OR, we have a failed A down so far.

Target is 98.50, scene of crime for breakout of Glob-ex high but I did not wanted to wait for another 20 minutes for 20 ticks. 98.50 breaks, 98 becomes target, and so on.


As usual I covered too quickly, CL back at 98.20. 11.04 am. Waiting to see what European close does to the 98 level

 
  #985 (permalink)
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mfbreakout View Post
As usual I covered too quickly, CL back at 98.20. 11.04 am. Waiting to see what European close does to the 98 level


They could not break 98 level during euro close. long 98.12. had to wait for 2 hours to get some ticks. Out mostly 98.80.


Last edited by mfbreakout; December 21st, 2011 at 02:12 PM.
 
  #986 (permalink)
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They could not break 98 level during euro close. long 98.12. had to wait for 2 hours to get some ticks. Out mostly 98.80.


Like most of the days, CL easy trading opportunities were over by 12 pm. Right after euro close.

 
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The two yellow LSPs should provide support should crude decide to pullback, and if the move up is to continue. The red zone overhead is a confluence zone combined with the medium term trendline, which should provide significant resistance, if crude is to ultimately head back down. But, with holiday volume, a breakout in either direction will most likely not be as meaningful as in normal trading conditions, and light volume has two major drawbacks; tough to read, and can be very whippy (requiring larger stops).

The highest rated trade for the rest of the week will be trading gifts with friends and family.


Last edited by GaryD; December 21st, 2011 at 09:21 PM.
 
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The end of the year is a great time to sit back and consider the big picture.

 
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This is not really serious, but does meet the criteria...

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  #990 (permalink)
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I trade using 4 monitors, max, running off two computers that run two monitors each. I rarely watch one market to trade another, but have in the past, and lately have not bother to fire up the second set of monitors to trade. I use the other two screens for email, spreadsheets, websites, etc.

Below is an image of a typical 2-monitor setup for a single market, if I am going to TRADE. I have different setups for multi-market analysis, in-depth analysis, etc.

I have labeled each window in the upper left corner to show what the function is. Trade desisions start with the left side monitor windows, then move to the right side. My trade decisions require the entire story from both screens to at least make sense. That means I sit and watch a lot more than I trade, but my criteria and timeframes typically produce around 2 trades per day. I feel like I am giving info that is taboo, but it is still a challenge to stay profitable. As good as the tools are they require an understanding of how to use them, and my screens never do flash "go long at x" lol.

What I am hoping to get across is that, if you want an advantage, you need to look at more than one thing. Most of my trade posts are of a 6-range chart, and most of my analysis is of a 60-360 minute chart, but there are a lot of other things that get considered.

There are probably millions of ways to trade profitably, and my way may only work best for me. I look at the market from 10,000 feet and from fractions of an inch to make a trade decision. I have found it helps me to have some greater meaning to trade than just an indicator, and you may notice that I have no indicators on the majority of charts.

On the left side I have no indicators at all that relate to the 3 timeframes shown. I mark up my chart by hand and delete all the drawing reguarly (maybe once a week, maybe once a month?). I do have a single indicator, but on that window I have no chart. I know, seems to make no sense. But that one indicator played a large part of me learning to trade, so I haven't found a reason to give it up yet. I may someday.

Since I started this thread I have received more inquiries about what my indicator settings are for the 6 and 9 range charts. That is somewhat amusing to me, as that really has little to do with anything. I use the right side windows as signals to act on something I was wanting to do on the left side. But really, a T3 at 100, 150, 200, really would not matter that much. I think the 6 range now is a 144 and the 9 range is a 55, but what is significant is that price significantly crosses to the other side. And mostly, that is about trading rules more than probabilities. I built the range chart visually, not from backtesting. I don't really care that much, because they are the "fraction of an inch" view. They help me keep my losses miniscule. The downside, they have also limited my profits more times than I can count.

Anyway, just trying to share something siignificant, which is really hard to do in trading. When traders expect to find a how-to manual, they will never become a "trader" that way. You need to understand what you are doing and why you are doing it.

So, below is my instrument panel. It works for me. Hope this is useful to someone else. Merry Christmas.

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