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Big Mike's CL (crude oil) journal
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Big Mike's CL (crude oil) journal

  #41 (permalink)
Elite Member
Toronto Canada
 
Futures Experience: Intermediate
Platform: ninja Trader, Ensign,Market Delta
Broker/Data: AMP,Global Futures
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Posts: 97 since Jun 2009
Thanks: 46 given, 83 received

Sorry I miss one most important mathematical tool, that is TTT Lines of Ric.

 
  #42 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received

Here is my chart for today.

Rules are simple, only trade in direction of trend. Histogram will make that obvious. From there, look for good entries, and set stops and targets per the bands.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Attached Thumbnails
Big Mike's CL (crude oil) journal-2009-11-19_1702.png  
 
  #43 (permalink)
 Vendor: www.probabletrades.com 
OC, California, USA
 
Futures Experience: Advanced
Platform: IB/TWS, NinjaTrader, thinkorswim
Favorite Futures: stocks, options, futures, VIX
 
shodson's Avatar
 
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Big Mike View Post
Here is my chart for today.

Rules are simple, only trade in direction of trend. Histogram will make that obvious. From there, look for good entries, and set stops and targets per the bands.

Mike

Mike,

Like many guys on this forum, you display a beautiful chart but little explanation of how you are actually trading (or if you are actually making trades off of this chart). If you have a detailed post of this somewhere else then I'm sorry for complaining or not being aware of it. But if you don't then when I see this post and this chart these are some of the questions that go through my head.
  1. Histogram: How is it obvious? Buy when it's rising and sell when it's falling? At what point do you decide that a) it is a trend and b) you want to follow/get in? What are the red and blue horizontal lines? I'm guessing if the histogram is inside this range you're considering it to be chop? Do you buy once it penetrates past the red line? Or are you using those lines as support and resistance lines and are trading it like a channel? Since I don't know what that indicator is I don't know how you use it.
  2. EMA (or line that looks like an EMA) - How are you using this? Buying/selling on the cross? On bar close or intra-bar? On the first cross, or after a cross, retracement and re-cross? Or are you using it at all?
  3. Fib extensions: How are you using the fib extensions? Are those targets? Are you scaling out/in as each fib line is reached, and moving your stop as well? Or just moving your stop every time you reach a new fib line? Are you using limit orders for your stops or looking for bar closes retraced from the previous fib extension? Are you using the fib lines as they move WithTrend, or targeting the fib lines as they were at the point you entered the trade?
Mike, you're the last guy I should pick on. I love the site and you have done so much for it. Nobody has contributed more to this site than you. So I guess I'm targeting all traders on this forum who don't disclose their trades, just their pretty charts. I'm just a little frustrated with posts that show an ambiguous chart and say things like "it's obvious" and I don't even know what your trades were, or if you even made any trades and, if so, if you're having any success with it.

Anybody that follows my journal knows I'm wide open with my trades. Winners, losers, number of contracts I swing, entry and exit points, the reasons I entered and exited, I'm an open book. ALL of my trades get posted there, with charts, even the ones I passed on or missed because of some stupid reason. I don't hide any embarrassing losers. I discuss new things I've learned or observed, what books I'm reading, what I'm experimenting with, etc. I find it very helpful.

Occasionally I get responses from other traders on my losers like "what were you thinking?" or "man you gotta try something else!" and it makes me feel stupid or a little embarrassed but it challenges me to be more disciplined because success is the greatest revenge. Plus, I don't see them posting their trades, just pretty charts that makes me think they are really smart with technical analysis, know lots of math, statistics, digital signal processing and some things that I don't understand very well. However, I don't see any trades on their charts that show me they know how to trade.

I just wish more traders on this forum were as open and not so opaque about their trading strategies. I know, I used to be kind of the same way. I thought I had a strategy that was unique, I didn't want others to copy me, I worked hard on it so why should they benefit for free from my hard work and cleverness? I'm not sure why or when but I got over myself and just want to make money and if I can help people along the way then even better. The transparency and feedback helps me become a better trader. I invite all traders reading this to open up and let us follow along with you in your journey by providing more details.

With that said, I understand the "proprietary" feelings we get when we create something unique, clever and especially profitable. My "normal" job is writing software so I create proprietary things for people all of the time that can often make them a lot of money. And I haven't uploaded any of my code I've written so maybe I need to "get over" that as well. But I usually explain how it works with enough details that someone else that knows Ninjascript could create it.

The following 4 users say Thank You to shodson for this post:
 
  #44 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received


shodson View Post
  1. Histogram: How is it obvious? Buy when it's rising and sell when it's falling? At what point do you decide that a) it is a trend and b) you want to follow/get in? What are the red and blue horizontal lines? I'm guessing if the histogram is inside this range you're considering it to be chop? Do you buy once it penetrates past the red line? Or are you using those lines as support and resistance lines and are trading it like a channel? Since I don't know what that indicator is I don't know how you use it.
  2. EMA (or line that looks like an EMA) - How are you using this? Buying/selling on the cross? On bar close or intra-bar? On the first cross, or after a cross, retracement and re-cross? Or are you using it at all?
  3. Fib extensions: How are you using the fib extensions? Are those targets? Are you scaling out/in as each fib line is reached, and moving your stop as well? Or just moving your stop every time you reach a new fib line? Are you using limit orders for your stops or looking for bar closes retraced from the previous fib extension? Are you using the fib lines as they move WithTrend, or targeting the fib lines as they were at the point you entered the trade?

Histogram: Shows what side price is relative to mid line. Only trade with trend, don't make it more complicated.

EMA: Is the mid line representation. Only trade with trend. Read the Brooks book for more on EMA taps, 2HM's, etc.

Bands w/fib: I use them to get a good entry. You can use them as a target or stop if you want, many people have told me they want to use it this way. Personally I was trading without the bands and created the bands to just help me gauge (I am very visual) price extremes, so I look to them for that.

Yes I appreciate people who post detailed entries, etc. I used to do that, as I used to make videos, blog posts, etc. Lately I am very busy running the forum, doing programming, and many things in personal life. Still, I want to help people. The purpose of the chart was not to say "Hey, I made a killing today". The purpose of the chart was to let you, the reader, visualize how you could trade a very simple chart. You can't just follow someone elses trades, you have to create your own method, and sure you can adapt others into yours, but in the end, it must be your method.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #45 (permalink)
Elite Member
Sydney, NS
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: Zen-Fire
Favorite Futures: TF,S,GC
 
cclsys's Avatar
 
Posts: 607 since Nov 2009
Thanks: 248 given, 379 received

BM: apologies if you have already answered this earlier but: what indicator are you using for the Weekly Pivot lines?

 
  #46 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received


cclsys View Post
BM: apologies if you have already answered this earlier but: what indicator are you using for the Weekly Pivot lines?

Using CMI's Pivot's, you can download here.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #47 (permalink)
Membership Revoked
United States of America
 
Futures Experience: Advanced
Platform: NT
 
Posts: 1,149 since Aug 2009
Thanks: 262 given, 471 received

Given its lack of liquidity and participants can one make a good case for support and resistance in CL? I think not, but am interested in hearing from others who agree or disagree.

 
  #48 (permalink)
Elite Member
Sydney, NS
 
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Platform: Ninja
Broker/Data: Zen-Fire
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Zoethecus View Post
Given its lack of liquidity and participants can one make a good case for support and resistance in CL? I think not, but am interested in hearing from others who agree or disagree.

What do you mean by 'lack of liquidity'? Last time I looked (I don't trade it) CL has high volume. Not like TN or ES, but I just threw up a 1 min chart and during the day-session period it seems to average about 500+ per minute, almost a tick a second.

It is spikey, though, or used to be when I followed it a while back, and I suspect it still is. A very 'real' futures market.

PS (sunday): reading through the post I realise that the tone of the 'what do you mean' reads different than it sounded internally, which was in conversational rather than confrontational manner as in 'what do you mean the weather's been lousy this month, we only had three days of rain the past few weeks?' So apologies if any offense given which was not intended.


Last edited by cclsys; November 22nd, 2009 at 12:16 PM.
 
  #49 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received


Zoethecus View Post
Given its lack of liquidity and participants can one make a good case for support and resistance in CL? I think not, but am interested in hearing from others who agree or disagree.

Only you can answer that. You've seen what I use, now it is up to you to decide what you want to use.

I enjoy trading CL much more than ES. Liquidity is not a problem unless you are trading more than 20 cars or so and trying to scalp for very, very small gains.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #50 (permalink)
Just a boy
Auckland, New Zealand
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: AMP/CQG
Favorite Futures: Whatever moves in my timezone
 
Posts: 1,803 since Sep 2009
Thanks: 3,165 given, 1,372 received



Big Mike View Post
Here is my chart for today.

Rules are simple, only trade in direction of trend. Histogram will make that obvious. From there, look for good entries, and set stops and targets per the bands.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Mike

Hi Mike,

Where can one get the 'Paint Bar' indicator you are using?

Thx


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