Trade Plan - Based on Market Profile with Footprint set up.
Trading Hour - US Session
Trading Instrument - CL
Market - US Market(NYMEX CL), Indian Market (MCX CrudeOil)
Risk & Reward Ratio - 10+Ticks/Trade
Detailed explanation 'll add on next post.
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Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,268 since Nov 2011
Thanks: 7,178 given,
4,402
received
Some questions for you:
1 How do you size your positions?
2 What percentage of your account do you risk on average per trade?
3 How big of a drawdown can you withstand considering question 2?
4 How do you manage risk during the trade?
5 How do you know when to stop trading for the day or week?
6 How do you set targets?
7 What's your strategy or method used for stop placement?
8 What do you believe about CL?
9 What are your beliefs about your trading methodology?
10 (And please forgive the loaded #10 question) What are your beliefs about trading against the largest and most powerful corporations on earth, Big Oil, with $100's of billions in resources every conceivably advantage (tech, account size etc) and inventory knowledge in advance of reports?
11 Why do you believe trading is a good fit for you?
And...
12 How do you define a trade opportunity?
I sincerely offer these questions in a helpful, constructive and supportive light.
As a Non US Trader, I 've no idea about right edge to trade on Live CL Market.So far I 've Practice on only SIM Mode. Hope Real fills are something different. Anyway based on US Oil Price move, tracking local commodity market price, Really worth to watch for better trade on local market.
Cut it short, i m very comfort on short momentum trades based on flow of orders either buying side or selling side.I think its not a right edge to survive on this market for long time.
Anyway miles to go.
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Thanks a lot for your suggestion, But that SIM Account got it from TopstepTrader Practice Account for 14 days as a free trail.
I 'm very proud and surprised to see the interaction of legendary icons, xplorer, rleplae, Blash, and jackbravo watching this new amateur trader's journal.
My sincere thanks to this all.
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10. What are your beliefs about trading against the largest and most powerful corporations on earth, Big Oil, with $100's of billions in resources every conceivably advantage (tech, account size etc) and inventory knowledge in advance of reports?
I believe i m plan to trading for my living, So When Compared to the cost of running business to the Big Boys, Actual Overheads is very small for me. So It doesn't matter. Some Calculated edge is enough to play with them.
11. Why do you believe trading is a good fit for you?
I think i 'll become a right trader after some years of practice. Hope practice makes me perfect. Finally I 'll fit for trading. But not now.
And...
12. How do you define a trade opportunity?
I 'm following Value Areas to open my trades. based on VAH, VAL, and POC with VWAP Combo. Regarding this lets explain later.Anyway i 've enclosed the Chart for understanding purpose.
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I 'm following Value Areas to open my trades. based on VAH, VAL, and POC with VWAP Combo. Regarding this lets explain later.Anyway i 've enclosed the Chart for understanding purpose.
This's the part of my trade plan, to find the areas of trade opportunity. Actually there's very less documentation regarding orderflow footprint reading, So i can explain the edge upto some extent only.
Reading of Inside the Prints of each bar is understand the control of Power.So accordingly i guess the direction of price move along with Value Areas.
Luckily i 've seen a post on this forum with detailed chart to highlight the anatomy of footprint bar, Some unexplored terms 'll familiar to understand.
(Courtesy - paps)
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1 tick Size - $0.01 On US Oil Tick Value $10
1 tick Size - INR 100 On Indian Oil Value - INR 100
Approximately When 10 ticks move on NYMEX Oil Price, at the same time 5 to 7 Points move On Indian MCX Oil
Let assume focus a trade with 10 Plus ticks (Except Slippages)
10 ticks - 10 x $10 - $100
10 Points - 10 X INR 100 = INR 1000
If i get 2 to 3 trade per day as per expected target, Really It should be great money.
To achieve the above target, at least I 've to practice to get 3 to 4 ticks with Very limited risk. So today started live trading with reasonable margin. Really best result on this scalping.,at the time of US Market timing.
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I Kept Some Short Positions for Positional on 10.02.16 Friday @ $53.85 Range (Indian MCX Price 3600 Range)
Today Market Opened almost Flat with few ticks negative as per global CL Price move @$53.78 Range. @ 10.AM (+5.30 IST)
Anyway i thought some chances are more for pullback. Still holding my short with confidence.
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Today (15.02.17) Gap down open based on US NYMEX CL Closing. Anyway Crude Oil Inventories report 'll drive the price accordingly @ US Session.
Note : I heard about that actual Oil Inventories report 'll issue earlier to the members of The Energy Information Administration's (EIA). Hope Public release is as per Economic Calendar Schedule.
Anyone Clarify regarding this?
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Again entered with scalp trade on long side, gave some ticks. Plan to stop today session.
Total No of Scalp Trades - 20
Positive Trades - 20
Negative Trades - Nil
Expected Target - 50 to 80 Ticks
Expected Draw down - 50 to 80 Ticks
Target - Done
I Wanna follow very strict rules, If i get my expected target or draw down hits 've to stop trading for that day, bcoz lot of times revenge trades 'll leads end with red.
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Usually My trade size is upto 3 to 5 lots.
If Prize move to my favour 'll exit at predefined target and 'll close 3 lots, and rest of 2 lots 'll let to run upto the trend ends. Sometimes price may be reversed from my entry level, if this happens i 'll add 2 lots according to the price level along with existing 3 lots. Due to the average of trades most of the time i can exit with expected ticks.
Assume set of my entry rules @ exact reversal may be price move upto 25 ticks
2 What percentage of your account do you risk on average per trade?
Average Upto 5% to 6% risk level is comfort for my trading personality.
3 How big of a drawdown can you withstand considering question 2?
Average upto 10% risk, due to any unexpected news impact volatility.
4 How do you manage risk during the trade?
To be frank depends upon the market conditions.,and trading mentality of that particular day.Anyway I Prefer Very limited calculated risk level of trades.
5 How do you know when to stop trading for the day or week?
My expected target - 50 TO 80 Ticks/day
Per weak target - Approximately 400 Ticks
On my early trading days i never follow any rules for daily loss and target, But recent days i try to follow disciplined trading with set of rules.
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Recently I 've seen and observe this gomi's orderflow pro tool, to identify the potential reversal of the current trend along with predefined conditions of rules. Need some time to understand the rules behind the scenario.
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Today 24.02.17 Morning session off. MCX Session started @5.00PM, Nearly 20 ticks down move from $54.35 to $54.10 level. Actually I was in Short side positional trades from $54.35 level.
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My targets are usually near 10+ ticks based on calculated Stop levels around 10+ticks (i.e) 1:1 RR Ratio
Above enclosed trades 'll indicate my target.
7 What's your strategy or method used for stop placement?
My strategy or method used for stop placement based on recent Balance or Imbalance levels, may be VWAP line, Swing low or Swing High.,
As per Above chart, made short entry based on VWAP Line Stop followed
8 What do you believe about CL?
Based on my observation about CL, Its highly active Script of Commodity Futures Market and there are plenty of opportunities to trade and make some decent money, if you 've some level of knowledge about CL.
Based on dollar price of Oil, My local Commodity Exchange derive the price. So I Strongly believe if i follow US Oil Price move, it 'll reflect to track local exchange market.
9 What are your beliefs about your trading methodology?
There's no holy grail trading methodology. Anyway I m still developing some customized methods based on my limited understanding.
My Custom methodology based on Gom Tools by gomi. (FIO Indicator of the Year and FIO Programmer of the Year). So I believe i m using the right tool for my trading.
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MCX CRUDEOIL Tick Size - 1 Point
MCX CRUDEOIL Tick Value - INR 100
MCX CRUDEOIL MINI Tick Value - INR 10
10 Points - INR 1000 (Brokerage and other Charges include)
USD/INR Conversion - 66.65 (Approximate)
$100 = 100 X 66.65 = INR 6600 (Brokerage and other Charges include)
Really great money if i focus the trade on NYMEX CL instead of Local Commodity Market. And aware about big loss if anything hits stop on NYMEX CL. Anyway no pain, no gain.
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I 've some Plan to start this $50K Account after some consistent practice on SIM.
Rules :
1. Trade a minimum of 10 days
2. Only trade during permitted times
3. Do not hit or exceed the Daily Loss Limit
4. Do not allow your Account Balance to hit or exceed the Trailing Max Drawdown
5. Profit Target - $3,000
Rules 1 & 2 is OK , rest of the rules seems tough.Lets draft a trade plan to achieve this combine rules.
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3. Do not hit or exceed the Daily Loss Limit - $1,000
4. Do not allow your Account Balance to hit or exceed the Trailing Max Drawdown - $2,000
5. Profit Target - $3,000
To achieve Profit Target - $3,000, out of 22 trading days we consider 20 active trading days 've to follow.
What's the Average Lot Size and Target Per day?
Average Profit Target above 15 Ticks - $150
For 20 trading days - 20 X 15 = 3,000
No of lots to be follow - Less than 3 lots (Upto 5 lots allowed for this size account)
So need high probability winning trade set up to achieve more than 15 Ticks/day.
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Hi, so you posting your trades elsewhere. This was great thread but not seeing any updates from you from some time.
BTW, I also from Ahmedabad, India. Learned a lot from your thread
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Account Balance - $51,258 on 3 trading days, But Unfortunately i got message from dashboard, Ineligible due to hit the rule
# Only trade during permitted times (07/26 - CL)
Still Confused, How this happened with out my knowledge, But i 've no doubt @ the time of this Journal update @ last night here., there's no more Pending orders, May be Some Open Pending Orders 'll execute after the Permitted hours. This's the issue.
And I wanna clarify, If any orders open as per described trading hours, Will TST's RMS Team or System to be cancel or Square Off the Open Orders?
Is any Chance to Consider this Case without Account Reset.
Informed to TST Support team, awaiting for their Confirmation.
Note : As per Dashboard report, 17 Contracts was traded and Closed accordingly, 17+17 = 34 Contracts)
once u read few reviews u get the point. Few of them complaints abt emerging of "new" rule(s) as when.
I can't say abt authenticity of such message. but when I read you comments, those things come to my mind.
Here is a screenshot of OFA on oil today basically the bars have the highest volume concentration on the along with other tool like VP that you can plot from any point (starting/ending) but the most useful thing I have found is the CumulativeVWAP (see Midas) which you can start from any point usually a high/low and can provide some useful info.
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Trading Day 1: (01.11.18)
As per previous enclosed Chart, @ Day Timeframe..Its Major Support /Resistance, to find this level 've to use our eyes( no more complex indicator)
Just simply mark 2 horizontal lines @ DH (Day High) and DL (Day Low)
Refer below image..
"WWW" - Trade Plan
What - (Find the bias, Up/Down trend)
When - (Trade Set up, When to trade)
Where -(Trade entry price, and exit price)
Later 'll explore in detail about "WWW" - Trade Plan
Yawaniga.
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(01.11.18 )Yesterday NYMEX CL Close @2.30 Indian Standard Time (+5.30 GMT) $63.51
(02.11.18 )Today NYMEX CL Open same range @ $63.51..
So type of Open - Flat
HTF Marking (Daily TF). Usually prefer multi time frame chart to identify "WWW" Trade plan HTF (Higher Time Frame) - Hourly or Daily
TTF (Trading Time Frame) - 15 Mnts
LTF (Lower Time Frame)- 3 Mnts
