CL & GC Day trading use Indicators, Price action and Fibonacci - futures io
futures io futures trading



CL & GC Day trading use Indicators, Price action and Fibonacci


Discussion in Trading Journals

Updated by BTR411
      Top Posters
    1. looks_one cmmichaels with 17 posts (29 thanks)
    2. looks_two PandaWarrior with 4 posts (20 thanks)
    3. looks_3 sandptrader with 3 posts (3 thanks)
    4. looks_4 xelaar with 2 posts (3 thanks)
      Best Posters
    1. looks_one BTR411 with 6.0 thanks per post
    2. looks_two PandaWarrior with 5.0 thanks per post
    3. looks_3 cmmichaels with 1.7 thanks per post
    4. looks_4 sandptrader with 1.0 thanks per post
    1. trending_up 6,104 views
    2. thumb_up 66 thanks given
    3. group 8 followers
    1. forum 30 replies
    2. attach_file 25 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

CL & GC Day trading use Indicators, Price action and Fibonacci

(login for full post details)
  #11 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received


KahunaDog View Post
Good luck.
Which MT4 broker are you using for CL?

I also use MT4 for CL and Gold, but I do not trade on it. I use it for levels for planning.

What kind of triggers and orders are you using to enter?

Thanks KahunaDog, I don't use MT4 to trade either I just use it for charts. The MT4 Brokers I use though are FXPro, FXCM and GKFX for charting.

Visit my futures io Trade Journal Reply With Quote

Can you help answer these questions
from other members on futures io?
Market Replay and Fills (Denali data)
Sierra Chart
Display Total Delta in Numeric form
MultiCharts
Exporting rollover dates from NT
NinjaTrader
Das Trader Pro
Platforms and Indicators
Historical option expirations
Brokers
 
 
(login for full post details)
  #12 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received


xelaar View Post
I had fought this issue before. My solution was to introduce filter that reduces number of trades to take and their quality. Try to incorporate significat levels and or volume profile and take trades only in specific zones on chart.

Thanks for the post xelaar, I do try to filter trades its deciding which ones are the good setups and which are bad they all obviously look slightly different and what I find is often the ones that I pass on are the ones that seem to work out best. I think with regards to trading in specific locations because I'm trading patterns rather than levels the patterns normally form at significant areas anyway but I appreciate your comments and look into what areas the patterns that work best are forming in.

Need to find a good way of analysing these setups.

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to cmmichaels for this post:
 
(login for full post details)
  #13 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received


Today was a good day, trade location was for the most part as good as it could be all the trades that worked basically had zero draw down think I was basically on a bit of a lucky streak there.

Trades for the day:
GC: +29, +44
CL: +9, -18

Total ticks on the day: +64

Again today my trade management wasn't up to scratch, if I had held the first 2 trades I took it could have been a 150-200 tick day but that would have made too much sense instead I closed them. I remember when I got in the trades and they started working out straight away I said I was going to hold them but just got shaken out again. I remember when I was just starting out trading I read that exits are the hardest thing and I remember thinking that can't be true just finding where to place a trade is impossible so it can't be harder than that... now I understand... Exits are like an impossible puzzle that will never be solved.

The pit sessions today were pretty choppy GC was basically punishing shorts all day, long side was the side to be on and luckily I managed to get some of that action. CL pit session was a bit of a mess and I didn't take part. I did miss some other good trades but I have another job that I have to do all day as well so I'm trying to do both and its quite tricky. I don't know if I would be trading a whole lot better if I was just trading but it would be slightly easier and less stressful!!!

I want to thank @xelaar again for your post about trading at important levels, my good trades today were setups I look for but they worked well because they were at important zones. My focus now is on the patterns and the areas and when I have confluence in both.

Positive week, I have to go into the office Friday and Monday so I'll be back Tuesday trading.

Hope everyone's trading well, any feedback at all would be really appreciated.

Just thought I'd add as well if sometimes it looks like I should have taken more points the arrows might be a bit out and I have to pay a 4 point spread on both instruments with my broker which is great!

Attached Thumbnails
Click image for larger version

Name:	22-08-2013 GC 5min.jpg
Views:	103
Size:	314.2 KB
ID:	121629   Click image for larger version

Name:	22-08-2013 CL 5min.jpg
Views:	73
Size:	379.7 KB
ID:	121630   Click image for larger version

Name:	22-08-2013 GC 15min channel.jpg
Views:	74
Size:	95.1 KB
ID:	121631  
Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to cmmichaels for this post:
 
(login for full post details)
  #14 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received

Just when I thought I had an alright week I go and have the worst trading day I've ever had.

-131 ticks on the day

Obviously the fundamentals were playing a massive role in the moves today and I did the typical try to fight the trend all day and got destroyed. I actually got in the trend right at the start closed it waaaay too early again for +48 and then fought it all the way up. Really not happy with today obviously especially as I was in the massive trend from the start always easier in hindsight though. Price couldn't break the 5 min 21 ema all the way I assume it was 1 time framing on a market profile shorts were a bad idea. I did actually place some longs but scratched them because I was doing the usual I'm sure it can't go any higher!?

Attached Thumbnails
Click image for larger version

Name:	27-08-2013 GC 5min.jpg
Views:	90
Size:	471.2 KB
ID:	121922  
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to cmmichaels for this post:
 
(login for full post details)
  #15 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received

Bit late posting it...

These are my charts from yesterday crazy day in the end, was up over 100 ticks within the first hour then lost it all bad trade management/trades and got slipped massively on oil, ended slightly up for the day quite a lot of trading. Basically the main thing I've realised is I need to produce some new rules for my trading and I massively need to work on my trade management. Looking over my results I'm thinking of trying out a 3 position take 2 off at my first target and then leave 1 for the runner, since I started this journal if I had been using this approach my results would have been much better. The all in all out approach isn't working for me at the moment. I've learnt a lot over the 2 days trading this week that I need to put into practice its been a pretty stressful couple of days but if I can build on what I've learnt it wont all be to waste. I'm going to work on my rules over the weekend and will be back on Tuesday trading until Thursday.

Total +44 ticks on the day

Attached Thumbnails
Click image for larger version

Name:	31-08-2013 CL 5min.jpg
Views:	60
Size:	386.9 KB
ID:	122300   Click image for larger version

Name:	31-08-2013 GC 5 min.jpg
Views:	64
Size:	459.6 KB
ID:	122301  
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to cmmichaels for this post:
 
(login for full post details)
  #16 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received

Again today could have been so different I was in the longs basically right from the bottom of the move, poor trade management and some really bad fighting the trend trades destroyed me again. Just GC trading today.

+8 ticks on the day

Attached Thumbnails
Click image for larger version

Name:	03-09-2013 GC 5min.jpg
Views:	69
Size:	443.6 KB
ID:	122416  
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to cmmichaels for this post:
 
(login for full post details)
  #17 (permalink)
BOSTON, MA
 
Experience: Advanced
Platform: Tradestation, TOS
Trading: commodities, TF
 
mfbreakout's Avatar
 
Posts: 7,244 since Oct 2010
Thanks: 3,467 given, 15,279 received


cmmichaels View Post
Again today could have been so different I was in the longs basically right from the bottom of the move, poor trade management and some really bad fighting the trend trades destroyed me again. Just GC trading today.

+8 ticks on the day

Good luck with journal and trading. Just be careful with shorts on A up days. On most A up days divergences, H&S etc. do not give much.

Shorts are OK if targets for shorts are relatively small vs targets for long positions. On most A up days we see that on pullbacks - trend traders are buying or adding to position.

Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to mfbreakout for this post:
 
(login for full post details)
  #18 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received

GC is a crazy beast, huge trend day up yesterday then reversed it all with a massive trend day down today. Different day same mistake, got in at the start of the trend messed up the trade management managed to scrape through with a small profit. Just got to build my confidence in my trades more which will take time I guess. Today seemed different then yesterday just seemed like a load of stop runs where is yesterday seemed like intentional buying all the way up but that is obviously hypothetical.

+12 ticks on the day

Attached Thumbnails
Click image for larger version

Name:	04-09-2013 GC 5min.jpg
Views:	61
Size:	489.3 KB
ID:	122537  
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to cmmichaels for this post:
 
(login for full post details)
  #19 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received

Different day same errors, terrible first 2 trades but then got in the move right at the start messed it up some awful execution errors terrible stop placement I was all over the place. So much opportunity these past few days and I've seem some of it coming. I was even short before the huge sell off today and put my stop in such a bad place got stopped out and then it tanks about 150 ticks.... painful.

-83 ticks on the day

Need to work on:
More disciplined execution - limit number of trades per day could be good.
Stop placement

Attached Thumbnails
Click image for larger version

Name:	05-09-2013 GC 5min.jpg
Views:	76
Size:	461.1 KB
ID:	122629  
Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to cmmichaels for this post:
 
(login for full post details)
  #20 (permalink)
Valdosta, GA. U.S.A
 
Experience: Advanced
Platform: Sierra , TOS
Trading: 6E, ES, CL, GC
 
Posts: 498 since Sep 2010
Thanks: 1,880 given, 472 received


@cmmichael's.......I can see your trying hard to get your Trading Plan together based on your daily evaluation, and what you need to improve on.
I also trade both these markets and they are big movers, and not so easy to get your stops in the right place at times.
I usually use a smaller Renko bar size 3 or 4 ...for Entry and Stop placement and keeping an eye on the Larger Intraday charts, about the same as what you are doing here.
Your doing Great on your Evaluation, and all i can say is protect your capital best you can.
I am also continuing daily evaluation of trades, and what i miss.
Good Luck in your trading.

Reply With Quote
The following user says Thank You to sandptrader for this post:


futures io Trading Community Trading Journals > CL & GC Day trading use Indicators, Price action and Fibonacci


September 16, 2013


Upcoming Webinars and Events
 

Bookmap

Nov TBD
     



Copyright © 2020 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts