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Trading CL using a fibonancci approach


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Trading CL using a fibonancci approach

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  #51 (permalink)
Denver, CO
 
Experience: Intermediate
Platform: T4/TOS
Trading: ES
 
Posts: 110 since Jun 2012
Thanks: 71 given, 91 received

3/12/2013, trade4:
Short 93.04: target 92.53, stop 93.19
Closed at 92.86, +18ticks

Plan your trade, trade your plan.
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  #52 (permalink)
Denver, CO
 
Experience: Intermediate
Platform: T4/TOS
Trading: ES
 
Posts: 110 since Jun 2012
Thanks: 71 given, 91 received

3/12/2013, trade5:
Long 92.82: target 93.78, stop 92.76
Out at 92.8, -2ticks

Plan your trade, trade your plan.
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  #53 (permalink)
St. Cloud MN
 
 
Posts: 15 since Feb 2011
Thanks: 0 given, 6 received



Brewer20 View Post
Hello all!


What do I trade:[/U]
Trade CL using increments of 2 contracts. I enter and exit the market based on price action on the 133 tick chart.

When do I trade:
First, I must understand the larger time frame price action, and how the micro price action relates to this. I enter the market when the micro measured moves align with the larger time frame.

I only enter new trades during pit hours. Trades can be managed up until the electronic futures close.

How do I trade:
My trading is discretionary trading.

My stop is set by the failure level of the fib drawing I entered on. If this is too big, then I wait for a micro to form and use this setup for the stop.

My profit target is set to the profit target for the larger time frame I entered on. If I entered on a daily level, my target is the daily target. If I entered on a 15min level, then it is the 15min target. CL may, and often does run right to these targets.

Once in a trade, my stop trails the series of measured moves as they present themselves. This will look like trailing a series of higher highs or lower lows, but for me is a little more precise.

My plan with this journal is to start each day with an overview of the daily and 15min trend. Then document my trades through out the day. I'm hoping this way I can observe over time what works and what doesn't.

Cheers!


Hi,

Thanks for the journal.

Since you are posting a journal I assume you are looking to spark up some convo about your plan and maybe looking for some help. With that being said I'm curious about your entry, do you use the same conditions or a similar set of patterns each time ? What conditions are you looking for to signal you that there is a good chance there is money up for grabs from the party on the wrong side of the trade?

entry is one piece of the puzzle, I'll ask about other parts of your plan later.


Good trading to you.

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  #54 (permalink)
Denver, CO
 
Experience: Intermediate
Platform: T4/TOS
Trading: ES
 
Posts: 110 since Jun 2012
Thanks: 71 given, 91 received

3/12/2013, trade6:
Short 92.75: target 92.23, stop 92.81
I'm looking for the -61.8% target of the day's HWB short. Once, 92.49 is reached, I will trail my stop.
Out at 92.61, +14 ticks.

PS. zr1trader, I'll answer your question later on...

Plan your trade, trade your plan.
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  #55 (permalink)
St. Cloud MN
 
 
Posts: 15 since Feb 2011
Thanks: 0 given, 6 received

I like Your use of tick charts, as I feel they present certain patterns of price in a "cleaner" manner. using the fib retrace can be a tool for entry, You can also use the fib expansions for your tgt(s),or triggers to trail stop.


You have the right idea of keeping an eye on larger time frames also and not getting lost on looking at only the tick charts. I like to Keep an eye on the highs and lows of the different trading sessions, NY asia, eur. The market likes to go where the most orders are. Otherwise how will the exchange make money if they don't fill the most orders they can? That is usually why the saying , "the market goes where there is the most pain for the most people", because they have to fill all those pending orders (usually stops) in orders to make commission. the big guys need that liquidity from all the suckerz too... to enter/exit . Some things to think about, the repeatable behavior of participants in the marketplace.



Just my 2ticks

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  #56 (permalink)
St. Cloud MN
 
 
Posts: 15 since Feb 2011
Thanks: 0 given, 6 received

Here is an example of using those fib extensions as tgts, I like the 4.23 and 5.76 exits. EOD so Right now I'm looking at the 4.76 exit door. . can tighten up trail too, Another way to skin the cat with fibs

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  #57 (permalink)
St. Cloud MN
 
 
Posts: 15 since Feb 2011
Thanks: 0 given, 6 received

and another one for the road

regards.

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  #58 (permalink)
Denver, CO
 
Experience: Intermediate
Platform: T4/TOS
Trading: ES
 
Posts: 110 since Jun 2012
Thanks: 71 given, 91 received

Thanks zr1. Do you scale out at various fib targets?

Plan your trade, trade your plan.
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  #59 (permalink)
St. Cloud MN
 
 
Posts: 15 since Feb 2011
Thanks: 0 given, 6 received


Brewer20 View Post
Thanks zr1. Do you scale out at various fib targets?

I'm more of an all in all out guy,If I am going to cut it shorter than expected i'll tighten the trail. Personally, I leave the scaling to the deeper pockets that like to scale for liquidity reasons. I do know others who like scaling out at the fibs. Different strokes for different folks. Your biggest asset is between your ears. Cheers

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  #60 (permalink)
Denver, CO
 
Experience: Intermediate
Platform: T4/TOS
Trading: ES
 
Posts: 110 since Jun 2012
Thanks: 71 given, 91 received



zr1trader View Post
Hi,

Thanks for the journal.

Since you are posting a journal I assume you are looking to spark up some convo about your plan and maybe looking for some help. With that being said I'm curious about your entry, do you use the same conditions or a similar set of patterns each time ? What conditions are you looking for to signal you that there is a good chance there is money up for grabs from the party on the wrong side of the trade?

entry is one piece of the puzzle, I'll ask about other parts of your plan later.


Good trading to you.

Thanks for your comments zr1trader. What I am trying to do is find retracements to buy/sell, and then close the position at a measured extension. Generally, I look at what measured moves have traded in the past, and then look to participate in the next in the series.

I welcome your comments. My trade plan is under construction, if you will.

Plan your trade, trade your plan.
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