Had everything lined up in terms of CONTEXT, PRICE ACTION. Short of 108.54 and cover at 108.12 is the way i trade. What I did not do on BOUNCE from 108.04 to 108.28 is not good. I do not mind booking 40 ticks all day long but it also stops me from getting bigger moves. A trader has to be willing to adjust his stop loss. I thought about reshort position at 108.26 area on BOUNCE but my stop loss was at 108.61- 35 ticks stop loss. what i should have done is to reshort 1/2 of position at 108.26 and other 1/2 at higher price like 108.40 area ( in case price bounce higher) , if i was so concerned about 35 ticks stop loss. Pre open- potential support was posted 107. Long 107.12, out 107.64 +52 I have A down per my OR , so i am very hesitant to hold on to position for bigger gains. Waiting to see if we form a trading box later in the day.
10.40 am Looks like trading box is 107-107.80 for the time being. Long again 107.20 , out 107.54. +34
10.40 am Looks like trading box is 107-107.80 for the time being. Long again 107.20 , out 107.54. +34 Looks like chart is missing in previous post. NOTE: If 107.80 and later 108.60 breaks to the UPSIDE with VOLUME, will try long on pullbacks. Otherwise longs around 107 area, all i am interested in.
I fully believe regardless of how much Box trading setups i take, i will never be comfortable trading them. Long 107.12 -out 107.42. +30 I wish there was a way to turn off by BRAIN from thinking after identifying trading box and just trade the set ups. I am taking longs around 107.10 with 10 ticks stop loss and i always feel like it will stop me out. At some point it always does but in the mean time, i typically get 4-5 trades but still have to force myself from taking the set ups. It's my firm belief that BRAIN should only be used for CONTEXT and then a trader should just get away from candles, triangles, wedges etc. to trade. I am only talking about candles, wedges in the micro time frame and in the context of box trading. Pl lease, do not start sending me messages about these items as I use them but on an hour and higher time frame. As, i type this i get stopped out my next long at 107.08 (lol). Looking for longs 106.50 area.
11.55 pm. DON'T MESS WITH A DOWN. Long 106.48. can not short at lows. My friend who swing trades ( mostly for a day or 2 days hold time) had long from 107.30 with a stop loss at 106.50. I see he got stopped out. It will be CRUEL if CL jumps/bounce to 107.50 area. But, one has to follow ones method. He does quite well. I am just sharing as i got some questions about SWING trading. If one can stomach 100 ticks loss and do not want to watch screen all day - SWING TRADING is the way to go. I have seen plenty of days, where my friend cleaned 200 ticks in one move while i had 100 ticks loss day. One just has to find a method which suits ones personality. Daily close below 107 VOIDS breakout ideas.
Hi Mrbochin23, 1) I started with 45 minutes OR and i have so much screen time with this OR that I just stick with it. I now realize that on majority of days there is not much difference between 15 and 45 minutes OR. 2) C up does not happen very often. Just keep that in mind. I never anticipate C up or A down till proven by time filter. As you will see from my posts today, I only had 2 short trades and then long trades on a day when CL fell $2.70 . I took couple of longs from 107.10 area and when 107 broke down , i never had a good reference point to short. When it broke 107, i wanted it to come up to 107.20 area for me to short but it never did. This is just the way I trade and today CL did not bounce to give short. So, i just took couple of longs from 106.10 area and they worked out fine.
Oil pit close. For my way of trading, there were 3 distinct trading boxes. 1) 108.60-107.80 2) 107.80-107.00 3) 106.90-106.00 Plenty of trades within these boxes with reference points. trading edges of the box gave better risk/reward. Lets take the example of #3 box. Longs from 106 area were better than long from 106.30. Shorts were better from 106.90 area than shorts from 106.50 area and so on. Have a great weekend everyone.
03-03-2012. In attached file, i have tried to answer questions i have received over last 2 weeks or so. Questions like can a trader skype to trade along with me? , traders who want to collaborate with me etc. If my answers offend anyone that was not my intention. Just remember that not everyone is gifted with expressing their thoughts via writing.
Peter Steidlmayer presentation for CME on "VOLUME STRIPS". Unfortunately, Volume strips is not available yet as Mr. Steidlmayer talked about in his presentation. Still lot of good information as to how a pro like Peter looks at Supply/Demand. http://www.cmegroup.com/education/s...rips-video.html