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Scalping Crude Oil


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Scalping Crude Oil

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  #1 (permalink)
Manhattan, NY
 
 
Posts: 20 since Aug 2013
Thanks: 34 given, 23 received

I'd like this to be a very specific thread focused on scalping CL.

I'll be documenting my trades here, and I welcome others to do the same if they are also scalping CL.

What shall we define scalping CL as? Trading direct price movements and/or average hold times under half an hour (not including a runner if you do that).

I'll start off with the only trade I made in today's session. My time was limited before I had a prior obligation, which was a shame, seeing how there was nice opportunity. The market will be there tomorrow though, I hope. :-)

Well, I'll get some pics up here as soon as I can get this Jing thing working...

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  #3 (permalink)
Manhattan, NY
 
 
Posts: 20 since Aug 2013
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Oh, I can't make an image/link post until I post some more...

I'll (boringly) walk though the trade.... Pictures are so much more fun.

Today's trade was one where orderflow did not support a breakout occurring, so I faded the move. I got long CL at 107.36 at 9:09CST. In hindsight that was a ridiculously good entry for the day, but I only scalped for +10 and +20 ticks on the two managed positions. I don't typically catch the $1 moves in crude. I try and consistently take 10 to 20 ticks from the market on trades.

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  #4 (permalink)
las vegas
 
Experience: Intermediate
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Not to be the forum police, but there is a already a really popular thread on CL trading here

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  #5 (permalink)
Manhattan, NY
 
 
Posts: 20 since Aug 2013
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vegasfoster View Post
Not to be the forum police, but there is a already a really popular thread on CL trading here

I can't see that thread because I am not yet an Elite member.

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  #6 (permalink)
Manhattan, NY
 
 
Posts: 20 since Aug 2013
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Here is the pic of the trade taken today, see description above.


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  #7 (permalink)
Manhattan, NY
 
 
Posts: 20 since Aug 2013
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Happy Friday!

I took two scalps today in crude oil.

First trade was initiated due to the location of a counter-rotation being at a support level. Price blew through the level on a small stop hunt which I was a part of (the wrong part of!) -7 ticks on the trade.

The second scalp was simply orderflow confirming that there was interest in a breakout pushing higher. +11 and +14 on the two parts.




Not a big day today, but one in which R:R was maintained and thus came out in the black.

Have a great weekend!

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  #8 (permalink)
Manhattan, NY
 
 
Posts: 20 since Aug 2013
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Actually..... as I finished that last post there was a nice setup I didn't want to pass on.

A small stop hunt, lined up with the trend nicely, and buying stepped in. I simply hopped on for a ride. +10 and +30 on each half.

I put an arrow under this latest scalp (third of the day).



Turned out to be a pretty good day after all!

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  #9 (permalink)
Manhattan, NY
 
 
Posts: 20 since Aug 2013
Thanks: 34 given, 23 received

Taking a look at what happend on Friday, it was really hard to miss when it comes to having a profitable day. If you had any sense of what the higher structure was saying as far as looking very bullish, any momentum based entry on the long side was hard to screw up. Not every day is so easy though, and an "easy" day for one trader is a more difficult day for another given trading styles, methods, and individual personality traits.

One thing I'm seeing this weekend is that even though I have short hold times, I need to continually take a look at the slightly longer timeframes to make sure my trades are not flying in the face of what makes sense with regards to what's going on there.

The longer timeframes can 1) allow me to know when to take a full quick scalp and when it makes a whole lot of sense to let a runner do it's thing; and 2) cause me to pass on some trades that simply do not fit in with the story the longer timeframe is telling.

That's my weekend improvement; now I focus on executing that going forward.

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  #10 (permalink)
Manhattan, NY
 
 
Posts: 20 since Aug 2013
Thanks: 34 given, 23 received


Today was a fairly difficult trading day for me in Crude, unlike a trending environment such as Friday was.

I had 4 scalps in CL for the session. Two losers (-7, -9) and two winners (+17, +10). By keeping losers small I came out on top.



I'm not sure if it's because we're nearing rollover, or because of Syria, or just in my head, but the orderflow was hard to read today and things were very mushy. Oh well, it was fun to trade today as usual. We're lucky people to get to do this.

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September 22, 2013


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