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Let me just start out by saying I like the 3R chart. Why? Because I feel like I have more control in the trade. Um, yes I am a control guy - and yes I understand that impedes the whole trading concept of letting the market do as it will. Let me admit this one too, I hate to lose. Two strikes right off the bat... What I need to do is to work within my wired parameters within the context of the market, and vice versa. The 3R allows ME to see more clearly where the trades starts and where the trade might end. I often get out of a trade long before its time, but I would rather take small quick profits than having to emotionally deal with large loss stop outs. That is me.
10:30AM ET PETROLEUM STATUS REPORT
TRADES:
A Feeling good and eager to take a trade, although feeling a bit cautious too. Status report upcoming so need to be mindful of the clock.
9R chart shows rising trend line, which price broke down through; price fell underneath the 33ema. Looked to the 3R chart and saw that the 3 longer term stochastics were falling and price was under the 33ema. Waited for price to pullback to the 33ema and took a price action short with the stochastic and 13G (13 Gaussian Average) turn. Entered short and quickly had profit target filled. Nice one to start.
SHORT: 100.45
STOP: 100.51 (above the small double top swing high)
TARGET: 100.35
NET: +0.10
B Did not take this trade, Petroleum Report out, market moving quickly, hands off
Price above 33ema on both the 9R an 3R charts. 3 long term stochastics on the 3R rising, price retreats toward the 33ema and entry would be with the 7sto/13G turn up. Essentially a price action long off a 3-bar pattern.
C Market moving fast. But market moving up off divergent bottom from 99.6 area.
9R chart shows price about 33ema and trending up. 3R shows a "slingshot" pattern where the longer term stochastics are flat and above the midrange and the short term 7sto pulls back and resumes the trend. Price action entry with the 7sto.
BUY: 100.05
STOP: 99.97
TARGET: 100.15
NET: +0.05
D Very similar to trade C. Stochastics and moving averages trending up. Waited for the pullback entered on the 7sto turn.
Stopped trading after "D". I had an excellent morning, was alert and focused. I took the setups in my plan, and executed well. Overall quite happy. I wanted to end the day on a good note, and since I took three trades I was satisfied to call it a day. I closed down the machine to resist the temptation. It's easy on the first day; the hard part will be if I can duplicate this on day 28.
I am just wondering how you can trade the 3 range with any certainty on oil ? I would say its harder to take control on a 3 range as I have seen oil jump 6 to 10 ticks so fast that you couldn't even follow a 3 R chart. Just curious on your thoughts?
I have tried as low as 8 range and its still hard to predict where its going.
in last 2 weeks it might be a problem to manage a trade on RB3 , but I have done it too on CL. Sometimes it is impossible to react, it is very fast, but in "common" conditions it is readable..but not very comfortable
Totally agree that the 3R is a fast chart. Yesterday was fine, maybe lucky i got good fills. I do believe there is a degree of anticipation that is required. One issue I have is that I over anticipate, meaning I get into a trade too soon. I may very well find that I can not and should not handle the 3R chart. Having said that I have had my issues with the bigger range charts, 6R and 9R, because of larger stops. I don't like trades going against me; and that is an issue I need to tackle. Ultimately I am most comfortable as a quick scalper.
We'll see how things go; I have had my succes and struggles with the 3R. I like the 6R chart too; and watch it. Maybe that is a better timeframe. My eyes are wide open.
I appreciate the comments; they are making me think.
I have traded oil on the 20 range and you can scalp 10 ticks off of that without a problem. You can certainly see the direction on the 20 range. Oil has to breathe....stops at 16 to 21 ticks is best on this range.
I ended up bugging out yesterday since I am not quite over this infection/flu whatever it is... Just wasn't feeling right. In the past I would sometimes work through headaches, colds, etc, only to make silly mistakes. Probably won't trade today, but will sim and monitor the markets.
I want to make myself clear concerning the 3R chart. When I say I am trading the 3R, I am really trading the 9- Range chart. I am only using the 3R for a place to get in with the 9R momentum. Same thing for the the 6R/18R combo; it is an 18R trade but using the 6R as a way to see the price action and get in on the trade. I am a big believer in the multiple timeframe approach.
on CL. Sometimes it is impossible to react, it is very fast, but in "common" conditions it is readable..but not very comfortable
