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

  #1 (permalink)
Elite Member
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CL & GC Day trading use Indicators, Price action and Fibonacci

Hello futures.io (formerly BMT) Traders,

This is my second journal I have started on futures.io (formerly BMT) my first one didn't last long because I realised the strategy I was using wasn't going to work for me. I decided I didn't want to start another journal until I have drilled down on the strategy I want to use to trade the markets. I want to have some consistency through the journal that I can learn from like @Profiler 's great journal so now I think is a good time to start.

Background:

I've been at this for just over 3 years but at first I was learning about stocks and fundamental analysis then I moved onto trading, I've read too many books like everyone, I've traded a lot now which is good I've had some fairly good runs and some very bad runs but now I need to refine my strategy. I was using too big stops and things like my r multiples for my trades were way off. I genuinely don't think I would have got as far as I have now without this forum so thanks to everyone on here it is an amazing place and most of all obviously @Big Mike

Some other people that have massively helped on my way so far and continue to do so:

Shopster
@BTR411
@mfbreakout
@babba
@xelaar
@Profiler
@Private Banker
@indextrader7
Trader Dante
Counterviolentmoves

There are loads more as well so again thanks to everyone here. I'm now in a position for the first time where I can trade for 3 days of the week right through the day before I was only trading the second half of the US Session after work. I know I'm a beginner and I'm trading CL & GC but I spreadbet right now so I can trade much smaller size and while I've been learning these markets have performed fairly well for me (I bet that will change now).

Strategy:

I trade using indicators:

Stochastic
MACD
Moving averages
Fibonacci pivots
Fibonacci retracement/extensions

Time frames:
Trading I use 5m as main time frame but have 1m & 15m up as well

Longer term I have 1h, 4h and Daily

I look for divergence on the indicators mainly on 5m/15m I then look for patterns forming H&S, DT/DBs, 3 push patters etc. I also do look at when the indicators are right overbought/sold at certain locations. I use a fib indicator that fibs out the whole of the previous day then projects extensions either side and I look how price reacts around them. I've studied a fair bit of Al Brooks as well so I use a bit of his candle/PA analysis while trading as well.

I've gone on long enough now so here are some examples of my trading charts and then below are my trades from yesterday. Any input anyone has at all will be really appreciated and hopefully I can keep this journal going for some time and make some significant progress.

Attached Thumbnails
CL & GC Day trading use Indicators, Price action and Fibonacci-cl-st-eg.jpg   CL & GC Day trading use Indicators, Price action and Fibonacci-cl-lt-eg.jpg  

Last edited by cmmichaels; September 4th, 2013 at 07:43 AM.
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  #3 (permalink)
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Trading CL & GC 20th August


This was my first day trading just CL & GC it wasn't bad could have been very different as I got in some good trades and closed way too early. Some good moves in both instruments that I nearly caught. Overall lessons learned let the trades run if they are playing out because 1 of these trades can change a whole day/week even.

Overall +44 ticks on the day

Again any feedback at all would be really appreciated.

All the best,

Mike

Attached Thumbnails
CL & GC Day trading use Indicators, Price action and Fibonacci-21-08-2013-cl-5min.jpg   CL & GC Day trading use Indicators, Price action and Fibonacci-21-08-2013-gc-5-min.jpg  

Last edited by cmmichaels; August 21st, 2013 at 08:09 AM.
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  #4 (permalink)
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Very good luck to you, Mike. Keep consistent with your plan!

Trade to live. Not live to trade.
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  #5 (permalink)
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xelaar View Post
Very good luck to you, Mike. Keep consistent with your plan!

Thanks a lot xelaar that is one of the big reasons for this accountability! I'm already feeling more pressure today in my trading(in a good way) knowing that I've got this journal.

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  #6 (permalink)
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cmmichaels,

Great journal start so far. We both hang out on MFB's journal so I'm excited to see how your journal progresses.

There is nothing wrong with closing trades out too early unless of course it goes against your plan. Trading in real time is much different than hindsight, so these trades could have just as easily reversed and turned your profit into break even or a loss. As they say hindsight is 20/20.

What I am trying to incorporate into my trading is using smaller charts to enter but then switching to larger charts (ie. 15 minutes) to manage and exit. It's still a work in progress but I think it will help me manage the little wiggles better that shake me off my good trades and help me hold for bigger targets. My trade plan calls for 10-11 tick stops and at least 30 tick targets.

Wishing you much success and good trading!

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TrendTraderBH View Post
cmmichaels,

Great journal start so far. We both hang out on MFB's journal so I'm excited to see how your journal progresses.

There is nothing wrong with closing trades out too early unless of course it goes against your plan. Trading in real time is much different than hindsight, so these trades could have just as easily reversed and turned your profit into break even or a loss. As they say hindsight is 20/20.

What I am trying to incorporate into my trading is using smaller charts to enter but then switching to larger charts (ie. 15 minutes) to manage and exit. It's still a work in progress but I think it will help me manage the little wiggles better that shake me off my good trades and help me hold for bigger targets. My trade plan calls for 10-11 tick stops and at least 30 tick targets.

Wishing you much success and good trading!

Thanks a lot for stopping by really appreciate it. Great advice, I'm actually in a trade in GC that I'm trying to do exactly what you just described got in off the 1m and now using 5/15m and trying to steer away from the P&L. Especially with these instruments as well they spike about a lot so managing it too tight isn't the way to go. I think a lot of it is confidence as well which only comes with screen time and consistent trading. I've reduced my size down to a 1 lot for me so hopefully looking to move back up to 2 lot after I've got some more consistency which makes it easier to keep a runner.

Stop by when you can would be great to hear your thoughts, all the best with your trading too.

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21st August

Bad day today in the end, it had everything in it really, good trades, bad trades some trades that weren't that bad but didn't work out. I seem to find a lot of the time at the moment if I take all the trades I see I would end up profitable but I don't and the trades I seem to end up picking are the ones that don't work. If I actually took all the trades it would work out but I'm worried about digging myself a massive hole. I don't know if anyone else who's learning gets this as well?

The pit sessions on both markets today were tough but there were good trades before that I messed up for the most part.

-61 ticks on the day.... not ideal

Attached Thumbnails
CL & GC Day trading use Indicators, Price action and Fibonacci-21-08-2013-gc-5-min-2.jpg   CL & GC Day trading use Indicators, Price action and Fibonacci-21-08-2013-cl-5-min-2.jpg  
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  #9 (permalink)
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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?


Last edited by KahunaDog; August 21st, 2013 at 11:01 PM.
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cmmichaels View Post
Bad day today in the end, it had everything in it really, good trades, bad trades some trades that weren't that bad but didn't work out. I seem to find a lot of the time at the moment if I take all the trades I see I would end up profitable but I don't and the trades I seem to end up picking are the ones that don't work. If I actually took all the trades it would work out but I'm worried about digging myself a massive hole. I don't know if anyone else who's learning gets this as well?

The pit sessions on both markets today were tough but there were good trades before that I messed up for the most part.

-61 ticks on the day.... not ideal

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.

Trade to live. Not live to trade.
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