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A CL Trading Journal


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A CL Trading Journal

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  #91 (permalink)
La Jolla, CA
 
Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
 
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Posts: 1,040 since Jul 2010
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trendisyourfriend View Post
Thanks, that makes more sense. I still consider it a distraction as the important factor is location and the immediate strength/weakness detected at that juncture but i may revise my position in the future if i see some benefit. I appreciate your willingness to share.

You're welcome! I agree with the thought of it being a distraction. BTW, the chart I showed there is only really looked at with any emphasis once I'm in a position and I mainly use it just to manage my trail stop. Like any indicator, CD is lagging in a sense because trade location is the most important factor for a trade as you mentioned as well. All the indicators then react once price has hit that important level which is why I use it solely as a confirmation tool once in a position. Maybe give it another chance with that in mind.

Cheers,
PB

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  #92 (permalink)
Nashville, TN
 
 
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Upupandaway View Post
Ok so 3%. How do I explain what I'm thinking. Is your stop placement have anything to do with, a point, a number? Or is it just 3% from where every you enter, not matter where you enter? I mean...does this make sense...just 3 percent from where ever? Not like swing low, 15 ticks back...have you looked at where your entry is from, and said "Ok if it goes past here, I'd be out"?


I do not look at swing points as stop placements, one reason is that everyone sees those swings and some place there stops there which leads to a short or long covering, so this is not an option for me. To make it easy to see I place my stop 30 ticks away for every $10k in my account on the CL per contract I trade. I also make my stop at least 25% of the Average Daily Range which ever is greater and reduce my number of contracts.

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  #93 (permalink)
Dallas/Tx
 
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Private Banker.

Ok I understand more of what your talking about. I see the rejection tails, thats really obvious once explained. I was looking at this same thing, in a different way(see chart). So...my MP chart is not the same as yoru chart with the letters on it? What does the chart with letters on it do for you, that my MP chart wont do? I'd like to understand the difference in them.

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  #94 (permalink)
La Jolla, CA
 
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Upupandaway View Post
Private Banker.

Ok I understand more of what your talking about. I see the rejection tails, thats really obvious once explained. I was looking at this same thing, in a different way(see chart). So...my MP chart is not the same as yoru chart with the letters on it? What does the chart with letters on it do for you, that my MP chart wont do? I'd like to understand the difference in them.

I guess the difference visually seen right off the bat when comparing a plain candlestick bar vs. a MP TPO is the organization of the TPO's letters showing how long price spent it's time at a particular price level. You simply can't get that by just looking at a plain price chart.

So in my example, you see a buying tail on Friday's TPO profile and then price spent a majority of the session within a more accepted area higher with a final expansion run/spike to tag the naked point of control from June 5th if I recall correctly.

There's obviously a lot more to it than my brief summary here but a good starting point to become familiar with MP is by simply reading the good old CBOT Market Profile handbook:

https://www.cmegroup.com/education/interactive/marketprofile/handbook.pdf

Although it's a bit stale in presentation with it being in black and white and lengthy, everything rudimentary you would want to know is explained in the handbook.

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  #95 (permalink)
Dallas/Tx
 
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Posts: 281 since Sep 2011
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Private banker, what charting software do you use to get your TPO charts? Thanks

Also I recall FutrueTraders71 talking about HVN/LVN's and using those sometimes for targets I think. Anyways, atleast on my chart when I set Gomi's MP to show them, this is what it looks like. Well atleast for me, not helpful. Do you use these, and what is their signifigance?

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  #96 (permalink)
Dallas/Tx
 
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Posts: 281 since Sep 2011
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Plus 327 dollars paper trading 5 trades
Plus 123 live account.


Ok well this morning went great. I was only able to make 1 trade on my live account. I had trouble getting it started. Buy the time I did, I had made five paper trades and would probable of been done. But another trade presented itself. I thought it was likely (but continues to go down right now) however it did enough to get what I wanted out of it. Even though it didn't have any follow through, it was a sucess. So that's good.

So basically I'd almost be done for the week here. However I know that if I make such and such amount on "Monday" their is usually more than "one" good day a week. Well, let's say more than "a couple" of good trades. So I will trade tomorrow "live" and depending on how that goes then I'll decide whether or not to stop for the week.

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  #97 (permalink)
Dallas/Tx
 
Experience: Advanced
Platform: NinjaTrader
Trading: CL Crude Oil
 
Posts: 281 since Sep 2011
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Just wondering if anyone could, or would tell me what they are paying for a round turn on the CL? I thought mine was 4.75, but from the one trade I made today looks like it's 6.42. I'm wondering what anyone else might pay for a trade on the CL...

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  #98 (permalink)
Nashville, TN
 
 
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Upupandaway View Post
Just wondering if anyone could, or would tell me what they are paying for a round turn on the CL? I thought mine was 4.75, but from the one trade I made today looks like it's 6.42. I'm wondering what anyone else might pay for a trade on the CL...


I pay around 2.32 a side for the CL using Interactive Brokers, if I am not mistaken, which comes out to $4.64 R/T. I pay 2.76-2.46 aside with OpenEcry account, which makes it $5.52-4.92.

Looks like you had another good day trading, looks like you are working hard to stay within your trading system, Good Job. Keep up the good work.

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  #99 (permalink)
Toronto, Canada
 
Experience: Advanced
Platform: NinjaTrader, MT4
Broker: Amp/CQG, Citibank
Trading: CL, GC, 6E, ES, TF, EURUSD, GBPJPY, AUDUSD
 
Beljevina's Avatar
 
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Looks like $5.02 per CL RT contract for me.

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  #100 (permalink)
La Jolla, CA
 
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Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
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Upupandaway View Post
Private banker, what charting software do you use to get your TPO charts? Thanks

Also I recall FutrueTraders71 talking about HVN/LVN's and using those sometimes for targets I think. Anyways, atleast on my chart when I set Gomi's MP to show them, this is what it looks like. Well atleast for me, not helpful. Do you use these, and what is their signifigance?

I use several platforms. If you want a free trial for one on NT, try out the Fin-Alg TPO. I have no affiliation with them of course and am not sure how they're able to do this without the CME coming after them for copyright infringement but it's an excellent indicator and not too expensive. I'm not sure of any other TPO only indicators for NT.

But if you really want to dive into the Market Profile and Volume Profile world, then I'd recommend taking a look at Investor RT or Market Delta and you would need to subscribe to DTN IQ Feed for accurate back fill data especially for the Volume composite information.

As for looking at HVN and LVN levels, you need to have a large time frame composite that shows how price reacted to a certain level in the past. Intra-day levels have far less impact in my opinion. I personally don't use volume composite HVN and LVN levels for trade location but keep an eye on them for confluence.

Cheers,
PB

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