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Big Mike's CL (crude oil) journal


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Big Mike's CL (crude oil) journal

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  #11 (permalink)
 jdella 
Concord, NH USA
 
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Mike, I appreciate your insight, and I will take more of a hard look at what you said about getting in right at bar close when the trade triggers. I have noticed that more often than not it will go against me right at entry before it goes in my favor. Obviously a timing issue that really needs a hard look.

Are those trend bars somewhere on this forum or are those proprietary as well?

Jeff


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  #12 (permalink)
 tzachi 
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Big Mike View Post
Hi Vic,

I have really found them incredible useful. I've built them around several triggers and have one for each, so it can really help visualize the stepping of the market and also help you quickly determine some better stops and targets.

Due to the complexity of the indicator however I have chosen to not give it away for free at this time. If you want one, we'll need to custom build it around your own trigger, you can talk to me in the Custom Programming forum if you want.

Mike


Mike,

I see that it did not take you long time to see the VERY large interest in CL trading and to see the potential of selling indicators to new traders. GOOD LUCK.

 
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  #13 (permalink)
 Big Mike 
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tzachi View Post
Mike,

I see that it did not take you long time to see the VERY large interest in CL trading and to see the potential of selling indicators to new traders. GOOD LUCK.

Hi Tzachi,

CL is tempting to many traders, especially when they read posts in chat where some users seem to win every trade but never take any stops.

However, in reality CL is extremely dangerous, much more so than most instruments. My goal is to help traders and if you watched the video, you will see the very first thing I did was attempt to dissuade inexperienced traders from trading the CL due to its extreme volatility.

That being said, yes CL presents a lot of opportunities each day so for experienced traders it can really be a fantastic instrument. As for selling indicators, yes I do believe that I am entitled to not be required to give away my work when I chose not to. If, after reviewing all my blogs, forum posts, videos, free indicators, and all the other resources I've given away for free, a user wants to buy an indicator of mine to save himself the time and trouble that I went through to create it, then I think it is a mutually beneficial prospect.

Mike

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  #14 (permalink)
 Big Mike 
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Just a reminder that is amazing

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 Saroj 
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As are MTF Bollinger Bands...

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 shodson 
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Big Mike View Post

Having targets greater than stops is an absolute requirement. But you also need to make sure you are actually ending the day with a win/loss dollar ratio greater than 1. In ninjatrader this is called something like "Ratio avg. winner to avg. loser".

Are you referring to your "profit factor"?

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  #17 (permalink)
 Big Mike 
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shodson View Post
Are you referring to your "profit factor"?

Nope, it is called Ratio Avg Win / Avg Loss.

See attachment.

Mike

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 Dusty909 
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Big Mike View Post
Hi Jeff,


Last, the MTF tool I am using is quite important. It is crucial to know what side of the market you should be looking at. You've got to know before you take each trade if the market is in an upward or downward push, so you can cherry pick only the best trade setups before they happen.

Mike

Hi Mike,

You might have talked more specifically about this elsewhere but I haven't found it yet. When you look at the higher time frame are you just looking at which direction the trend is in? Or are you looking at whether the higher time frame is overbought/sold? Or just checking how close it is to resistance? Any tips you could give would be appreciated.

Thanks.

 
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  #19 (permalink)
 Big Mike 
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Dusty909 View Post
Hi Mike,

You might have talked more specifically about this elsewhere but I haven't found it yet. When you look at the higher time frame are you just looking at which direction the trend is in? Or are you looking at whether the higher time frame is overbought/sold? Or just checking how close it is to resistance? Any tips you could give would be appreciated.

Thanks.

Check out all the videos on my blog, I go into a great deal of detail over hours of videos.

Short answer: Big chart is mainly for trend direction but with that clearly price plays an important factor in how close it is to the reversal area of the 'trend' line.

Mike

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  #20 (permalink)
 shodson 
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Big Mike View Post
Once you can trade more than one contract, keep a runner contract on until a clear signal develops telling you to exit the trade. Sure maybe half the trades you'll get stopped breakeven on the runner but the ones that do run can make your daily goal in one single trade, and you can then stop trading. Mike

One thing I'm looking at for my strategies is instead of a fixed static target, base it on volatility conditions, like ATR, or a StdDev of price distributions, et. al. Another thing is that instead of having a preset target, set a target that turns into a runner once reached. For example, set a target of 20, and once it reaches 20 turn your stop into a trailing stop, or exit position if it cross over a fast moving average, or when a momentum indicator tells you the trend is weakening, but only once the initial target is reached. Until then, your stops and targets stay put.

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