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Trading CL using a fibonancci approach
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Trading CL using a fibonancci approach

  #31 (permalink)
Elite Member
Denver, CO
 
Futures Experience: Intermediate
Platform: T4/TOS
Favorite Futures: ES
 
Posts: 110 since Jun 2012
Thanks: 71 given, 87 received

3/8/2013, trade6:
Short at 91.27, target 91.09
  • 1st target hit
  • Stop to 91.33
  • Stop to 91.24
  • Out, +9 ticks

Plan your trade, trade your plan.
Attached Thumbnails
Trading CL using a fibonancci approach-pic6.jpg  
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  #32 (permalink)
Elite Member
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Thanks: 71 given, 87 received

3/8/2013, trade7:
Long at 91.12, target 92.23 (typo on chart, actual entry is 91.12)

Small counter trend trade into next MM short.
  • 1st target hit
  • Stop to 92.09
  • Out, net +3 ticks

Plan your trade, trade your plan.
Attached Thumbnails
Trading CL using a fibonancci approach-pic7.jpg  

Last edited by Brewer20; March 8th, 2013 at 12:33 PM.
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  #33 (permalink)
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3/8/2013, trade8:

Short 91.23, target 90.99
  • 1st target hit
  • Stop to 91.29
  • Out BE, 0 ticks

Plan your trade, trade your plan.
Attached Thumbnails
Trading CL using a fibonancci approach-pic8.jpg  

Last edited by Brewer20; March 8th, 2013 at 12:58 PM.
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  #34 (permalink)
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3/8/2013, trade9:
Long 91.27, target 92.05
Full stop, -24ticks.

I should have stuck with my original plan.

Plan your trade, trade your plan.
Attached Thumbnails
Trading CL using a fibonancci approach-pic9.jpg  

Last edited by Brewer20; March 8th, 2013 at 01:13 PM.
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  #35 (permalink)
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I'm stopping for the day. Too many mental mistakes.

March 8th, 2013 summary

Total trades: 9
% BE: 77%
Total pips: -33

Plan your trade, trade your plan.
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  #36 (permalink)
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toronto canada
 
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Platform: mt4 , ts, nt , cqg , m4
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Posts: 70 since Mar 2012
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Brewmaster,

you are misreading the session fib moves.

.86 retrace from the dark zone low into the Ny session

Ny session morning hi to Ldn session lo is a .86 retrace as marked.

a double tap pinned out high roll over and puke to the .74 retrace in Ny session as marked.

back up to a .38 retrace of current Ny session range.

back down to take out the Ny session low of the day and to fill " new short pending " orders.

express elevator up for the stop run blow out on all the new breakout low of the day shorts

grease pit friday close will be just off the high of the Ny session as the longs unwind.

pm in your in box.

cheers,

s

Attached Thumbnails
Trading CL using a fibonancci approach-grease-long-.74-ny-session.gif  

Last edited by shopster; March 8th, 2013 at 04:08 PM.
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  #37 (permalink)
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I've spent some time reflecting on my results for the week. All in all, I'm happy with how I am reading the price action. For the most part, I am correct on the direction the market wants to go.

Two things I am going to change and improve for next week:

1) First, my trade management sucks. The free trade technique sounds good, and does have some emotional benefits, but it has a very poor RR ratio. I analyzed all my trades this week, and I would have been much better with market based first targets, rather than fixed. Even though I would have been stopped out a few more times, this would have substantially improved my profitability.

On all my charts, I have targets denoted by the green -23% line. Price often reaches there, and I was doing nothing, other than trailing my stop. I gave back too much on each trade. I need to take profit at the profit targets my method defines.

2) I need to control my emotions better. I get way to involved with the outcome of any given trade. My judgement gets clouded and I stop objectively observing the market. This will be a continuous improvement process.

I watched futurestrader71 recent webinar and got some good ideas. I'm looking forward toward another good week next week and continuing to improve my trading.

Plan your trade, trade your plan.
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  #38 (permalink)
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After this early morning sell off, I am liking the long side on CL.

I am making a change to my trade management. I am no longer using a fixed 12 tick stop and a +6/-6 free trade strategy. I will be using my fib drawings to locate stops. For today, I will be trading all-in all-out, and half size from what I have been. I will be collecting live statistics on this style of trade management.

3/11/2013, trade1:
Long 91.29, target 92.38
  • Initial stop 91.21
  • Entry is now behind the full half way back, moving stop to entry
  • Out, 0 ticks

Plan your trade, trade your plan.
Attached Thumbnails
Trading CL using a fibonancci approach-pic1.jpg   Trading CL using a fibonancci approach-pic1b.jpg  

Last edited by Brewer20; March 11th, 2013 at 11:18 AM.
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  #39 (permalink)
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Looks like continued down side. Per my rules, there are two (well three, but two for now) prices I can short.
The first is is this ext short.

3/11/2013, trade2:
Short 91.00: target 90.87, stop 91.09
Out: -9 ticks

Plan your trade, trade your plan.
Attached Thumbnails
Trading CL using a fibonancci approach-pic2.jpg  

Last edited by Brewer20; March 11th, 2013 at 11:46 AM.
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  #40 (permalink)
Elite Member
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Futures Experience: Intermediate
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Posts: 110 since Jun 2012
Thanks: 71 given, 87 received


The next level is the next HWB short in the series. If this breaks I will be looking long.

3/11/2013, trade3:
Short 91.18: target 90.78, stop 91.29
Out, - 11 ticks

Plan your trade, trade your plan.
Attached Thumbnails
Trading CL using a fibonancci approach-pic3.jpg  

Last edited by Brewer20; March 11th, 2013 at 01:07 PM.
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