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CL Trades Lite

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  #11 (permalink)
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
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Posts: 1,752 since Aug 2011
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Trade as it develops.

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  #12 (permalink)
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
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Recap from today...

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  #13 (permalink)
Toronto, Canada
 
Experience: Advanced
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Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
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Questions from CL Trades answered:

Vince this thread is great. I have a couple of questions:
1. After you draw a trend line and it is penetrated either way, when do you know to remove it and draw another one.
Is it a particular amount of ticks past it or is it the time it stays above it. Just want to be sure and have an objective
method more than a subjective reaction.
2. When a trade sets up, for instance at a support/resistance line, do you wait for the trigger bar to be broken and
immediately put a limit order at that price. Or do you wait for the bar to close above/below the trigger bar and then
put in a limit order in at the price of the previous bar high and wait for price to return to price of the high/low of the trigger bar. I have not been able to grasp your entry placement.
Maybe what I am asking is do you jump in the minute it goes above/below the trigger bar you are looking at.

Thanks
Hector

Trend lines are visual references and are arbitrary. It is impossible to cut them that fine...but as long as it is close.

Your second question is harder to answer. Price action has a time element, so if price is stalled at a level for a few minutes, that will influence whether I place a trade or not and what type of order. Stop or limit. Mostly stop, as I want price to come back to my entry. Less often limit...limit orders are more prevalent on trend days.

But, I always determine where my stop loss is first and my target second...always. Where is the point that my trade will not work. Thats the way I do it. I am more concerned about how much I can loose as oppossed to how much I will make.

Generally, it is 15 ticks and below the signal bar. Sometime a little tighter...10 perhaps, below or above an area of significant support or resistance.

And if my first target isnt hit after the first or second bar after entry, or their is a doji, or its taking too loong...I am lookingh at closing it out. I evaluate and reevaluate the trade while i am in the trade..

I hope this helps.

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  #14 (permalink)
Toronto, Canada
 
Experience: Advanced
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Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
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Why is golf like trading...

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  #15 (permalink)
Temecula, CA
 
Experience: Beginner
Platform: Ninja
Trading: CL
 
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Watched your journey to CL video. I was curious if the Al Brooks book you read was the first one? And if so have you looked at the new ones he came out with? Just wondering if the new ones were more clear and concise than the first. I just started on the first one yesterday, haven't made it through the introduction yet

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  #16 (permalink)
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tgibbs View Post
haven't made it through the introduction yet

Not surprising, its not an easy read and he jumps around alot. I've heard the others are a bit easier to make it through but at 50 a book I find I have gotten much more value out of Vance's thread and daily updates

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  #17 (permalink)
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
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Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,218 received


tgibbs View Post
Watched your journey to CL video. I was curious if the Al Brooks book you read was the first one? And if so have you looked at the new ones he came out with? Just wondering if the new ones were more clear and concise than the first. I just started on the first one yesterday, haven't made it through the introduction yet

Yes, it was the first one.

It is a tough read, and his second set of books are said to be a much easier read. That being said, once you adapt to Al's narrative, which may take some doing, you will gain a good understanding of his reasoning. But make no mistake about it, it is like learning a different language.

The charts are difficult in the first book, too small. ... trying to transpose his descrition onto them, well, try a few, you will see what I mean. There are PDF large charts available on his web site for prinitng. I made use of them...

Al told the the publisher that he wanted the charts for his books as big as possible, like 8 1/2 x 11, however, the publisher said they couldnt do it. Too expensive to print and such a book, with the pages he wanted, would far exeed the dimensions for most book shelves. The printer is looking to make a profit and such a book would cost too much for teh market. It would have to be a coffee table book. Not exactly picture friendly now, is it? My wife calls the charts spikey graghs, and has next to zero interest in them. Imagine that? A 10 pound book of spikey graghs that has a retail price of 149.99.

So, one has to "make due" with what is available. The "new books" have to be easier to read. It would be impossible for them to be harder.

But, I looked at it this way, and still do. If trading was easy, everyone would be profitable, and then no one could be.

Unless some one gives them too me, I dont think I will be getting the "new" books. I already have more than I need.

vincevirgil

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  #18 (permalink)
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
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Posts: 1,752 since Aug 2011
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2 videos

A updated video on stucture, and a trade I took right after I recorded it.

Short video of trade I took this just after 12 pm EST. Got truncated, but it came back to hit my BE stop on my last 1/3of my contracts. My first 2/3 I got 60 ticks.

Full daily recap daily in the Elite section of futures.io (formerly BMT).

Attached Files
Register to download File Type: flv 12-27-2012 Midday.flv (13.84 MB, 40 views)
Register to download File Type: flv 12-28-2012 Trade.flv (13.58 MB, 36 views)
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  #19 (permalink)
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
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Posts: 1,752 since Aug 2011
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Just for fun.

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  #20 (permalink)
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
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Posts: 1,752 since Aug 2011
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Here is the Final recap from Friday Dec 28.

Recap is posted same day in the Elite Section of futures.io (formerly BMT).

Attached Files
Register to download File Type: flv 12-28-2012 Final recap~1.flv (40.57 MB, 22 views)
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