I have a journal entitled CL Trades in the Elite Section of Big Mikes Trading Forum.
I Price Action trade the CL using a 800 tick chart, post videos of them and answer questions of traders that are following my journal in the Elite Section. In addition, I speak about other subjects realated to trading, including psychology (very important) and other things of personal interest. It has become popular, and I am thrilled and humbled by the response.
But it occurred to me that I have these journal videos of trades, and that I am not reaching all the visitors to futures.io (formerly BMT), because to access my journal, one has to be an Elite Member. And out of the some 30,000+ members of futures.io (formerly BMT), there are far less than 10,000 Elite Members.
Therefore, I have launched my new journal for Non-Elite Members.
CL Trades Lite
This new journal for non-elite members and guests will allow some postings, however, for the full spectrum, one will have to become an Elite Member. I post every day in the Elite Section.
The reason I am doing this? I have a bunch of videos and I was going to delete them, but why not see some others see them. After all, I am only reaching a small percentage of the futures.io (formerly BMT) membership.
In addition, perhaps it will encourage non-elite members and guests to become Elite Members because there is much value in the Elite Section that many are not aware. You will not be disappointed.
Therefore , over the next few days, I will be posting my past videos of interest, so that some of you can get a taste of what you can expect if you become an Elite Member of Big Mikes Trading Forum.
And if you do decide to become an Elite Member because of this journal, or another reason, let Big Mike know. By doing so, all of us can contribute to improving the content of this forum.
The following 11 users say Thank You to VinceVirgil for this post:
Great idea Vance. I think a lot of non-elite members are put off by the paid membership part. I was one of those at the beginning. I could not justify paying for a public forum. What got me to pay was that I wanted the BetterRenko bar type Once I became an elite member, I realized that the GomPackage alone would run you $1000's (yes thousands) anywhere else. This alone made it worth it. As I have slowly been growing as a trader, I have realized the indicators are nothing compared the value I have found in the webinars, journals, and threads.
London Calling
The following 5 users say Thank You to Xav1029 for this post:
I put my journal in the Elite Section because I felt that the Elite Traders were more serious minded...And that I could get feedback from the serious minded. That is where the full compliment will remain...
But, I think good advise and ideas can come from any avenue, thats why I decided to do this...
I too have found significant value in the Webinars, which are not available to non elite members. And the downloads as well, which have significant value, I agree.
Vance
The following 5 users say Thank You to VinceVirgil for this post:
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.
The following 4 users say Thank You to VinceVirgil for this 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
The following user says Thank You to tgibbs for this post:
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
The following 2 users say Thank You to mongoose for this post:
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
The following 3 users say Thank You to VinceVirgil for this post:
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).
The following 5 users say Thank You to VinceVirgil for this post:
Been busy, so i have not posted in over a week here on CL tades Lite.
Ryan (Fatdemon on futures.io (formerly BMT)) and I have a webpage for trading called The Trader's Hot Stove. Its recent, so it has takenb up some time.
All my videos will be posted there daily. There will be interviews with other traders as well.
Once I became an elite member, I realized that the GomPackage alone would run you $1000's (yes thousands) anywhere else. This alone made it worth it. As I have slowly been growing as a trader, I have realized the indicators are nothing compared the value I have found in the webinars, journals, and threads.
