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Trading Journal - Day Trading Crude Oil with Fibs & S/R
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Trading Journal - Day Trading Crude Oil with Fibs & S/R

  #31 (permalink)
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gsl8r View Post
This is for any EA/DH traders out there trading CL

Have any of you ever drawn your fibs on CL from the daily or weekly pivot lines? I have noticed again and again bounces based on those drawings.

Attached is an example of a draw long from the weekly pivot and a perfect bounce on the 50% line at 95.20.

Interesting, have never drawn from pivot points, just major swing highs/lows, will look at it.

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  #32 (permalink)
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Sorry everyone, I have a major week at work this week and then go on vacation next week. I will be back to my usual posts on 6/17.

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  #33 (permalink)
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Took a long at 98.13 and got stopped at 98.06

Low volume today. Looking for a bottom here and a rise into the close if volume picks up. Dollar relatively weak at the moment at down near its lows.

Tomorrow is fed day & inventories.

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  #34 (permalink)
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Found this to be a tough week. Looking forward to some more stable market conditions.

I continually find myself being an analyst instead of a trader in the markets. By analyst I mean the guy that goes and looks at all the moves, and plots out what I think may happen and carry on without accomplishing much. Don't get me wrong I do my homework but the real money is made being the trader and trading current conditions as they are right now. I need to trade what I see and not what happened in the last few days.

Today I was looking for an early bounce and a rise back into the Opening Range but it didn't come until about lunch and by then I missed it. If I can just follow market conditions and not my morning bias I can usually do pretty well. Its a tough job in having a bias and whether or not to stick to it based on what you see. I like to go into the day with a bias of what I think may happen based on overnight and previous day conditions but I need to be more flexible in what actually happens as opposed to what I think may happen.

Today we had a very strong dollar that continued up until about lunch when it finally broke. If I could have followed that alone I would have done pretty well.

Another issue I am facing is pulling the trigger when a really nice setup appears. I am getting better at trusting my methodology and not having a fear of a loss but it still presents itself as an issue every now and again. I'm looking forward to a new week and hitting some of the moves. That is all for now.

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  #35 (permalink)
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I went long about an hour after the inventory report on pullback and got stopped out. My long entry was 101.28, it didn't take long to stop me out. I was looking for a stronger market with the report but I need to pay more attention to the reaction rather than the actual number.

It will be a slow grind the rest of the day going into the 4th. Dollar had a big fall today from overnight highs. We will have to see what happens.

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  #36 (permalink)
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Looking for some feedback on this post. I have been looking at all sorts of different levels and plots and been trying to keep the good ones and weed out the useless ones. Here are my findings:

Monthly pivots: These are valid and make for a great bounce area
Weekly pivots: These work but aren't as strong as monthly
Daily pivots: Work good but hard to know what price is going to do.

Weekly High/Low/Close levels: Haven't found these to be very useful.
Daily High/Low/Close levels: Haven't found these to be useful either

45 minute Opening Range. I have found this to be useful. One thing in particular is the midpoint in the opening range. I find that price gravitates towards it most days and then either bounces and continues its direction or hovers on it then breaks the opposite direction. I definitely like following what it does there each morning.

I've always plotted the weekly open: I sometimes find this useful but most weeks don't. Anyone use this one?

I've tried plotting Asian, European, and US sessions in highlight for context. Mixed on if this is useful or not.....

Tried out the ThreeTen Oscillator but don't think i'm going to continue with it going forward. I have been on and off with oscillators but each time I integrate them I end up removing them. Going to try and keep them off my charts from here on out.

Volume spikes on 10 min chart. I never watched volume in the past but now find it to be an integral part of my trading day.

For entries: 1 or 5 min charts vs 400 tick chart. I definitely like the 400 tick over the minute charts. Everything seems more clear, I can spot typical price patterns much better and overall I get a better picture of price. I'm going to be sticking to the 400.

Thought I would share what i'm looking at and what I find useful/not.

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  #37 (permalink)
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Short bias on the day as long as we stay below the OR for the day (highlighted in light grey).

Test of 105.10 is my line in the sand, if we can get through that with any kind of force we should see a continuation and retest of highs.

I've implemented Daily, Weekly and Monthly Pivot ranges as part of my studies to go along with those corresponding levels. Watching them as part of my reading of the Logical Trader

I have no position at the moment. Waiting during doldrums and consolidation.....

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  #38 (permalink)
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I feel like i'm at a tipping point but need a little bit of extra help. I have a plan, can see my setups and know where my entries, exits and stops should be but struggle to pull the trigger on all of them.

I hate watching an amazing setup just come and go and I get in the habit of that and its frustrating. In order to be consistent in this game I need to placing trades when entries are there. For me I feel like its the fear of a loss that prevents me from placing trades more than the fear of my edge.

Example, today after OR setup, bounce back to lower OR range, 105.10 short entry during European close. Wanted to take it, stared at it, looked at a few other indicators, time frames, looked back at original setup.... Still there to be taken.... Didn't take it and of course it worked out to be a nice 50+ tick target.

I'm going to work on being better at taking the setups when they appear.

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  #39 (permalink)
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Got my painting bar idea live. Bars paint green when price goes above OR and red when price goes below OR. This will help with my bias and entries. I look for price to interact with daily, weekly, and monthly pivots and other S/R but my bias is created from OR.

We had a nice bounce on the ORH before rallying into the close. I notice that price likes to break out of the OR and then bounce on it before moving in its direction. You can see that happen every day this week. Also notice that the pivot point lines up with ORH today and that creates a nice area of support.

Looking forward to next week.

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  #40 (permalink)
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Ok everyone. I am experimenting with a few different ideas. I have what I feel is a good methodology but where I lack is in pulling the trigger. I can get the most awesome setup and get everything I am looking for to align up but then can't seem to pull the trigger.

I am experimenting with some structured signals that might help me pull the trigger. I have been playing with macd signal bars to try and come up with something the might be ideal to help me enter when I see a long or a short. Attached is a screenshot of what it looks like.

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