Currently trading a 5 min ES chart and hoping to transition to a fast tick chart on either CL or GC. I'm in NYC and would trade 6E but the real action there is clearly in the London session nearer there open. and I just can't imagine doing the 3AM gig. I would like to trade a 70 or 90 or whatever tick chart in CL or GC but I'm concerned about slippage and spending time in sim won't tell me much about that reality. Any comments, advice etc. will be greatly appreciated. I'm a New Yorker. No need to be all that polite just tell me straight if I am barking up the wrong tree here. Not interested in reinventing the wheel but before I do the work to figure out MAE, stops etc. I want to have some input. Not trying to duck slogging through the hard, tedious work needed to understand reality in these instruments but trying to figure out if others have been down this road and what they think. Thanks in advance.
I trade CL, DAX, Euro, TF, and NG the most. I use Renko charts for everything I trade. I see price action levels better and the higher pivot lows & lower pivot highs are clear. If you want to trade CL follow trending action. Today in CL was "off the charts" with intraday trends all session! LOL!
I trade CL on a 70 tic chart and yes you will get slippage. Either in low volume or high volume on strong moves. The average range on crude is so much better then ES that your targets will be larger and offset the slippage. I use a combo of buy/sell stop market/limit orders
Clearly you can have more generous targets in CL. Good to hear that you are making it work at 70 ticks. Any GC experience? Thanks for commenting
I use to be able to scalp several markets at once for dozen hours, but age and health catches up with all. But have always used one minute charts for all scalping methods, you know when the bar ends and after awhile you find the patterns that reoccur over and over. But like today, ES was incredible, GC, CL, 6E, even the grains like Wheat/Corm/Beans often display similar patterns like ES. Often times easier to day trade as many don't consider doing so. Scalping means consistent smaller profits with occassional runner for larger profits but really doesn't happen too often and you end up cheating yourself in long run when you could have gotten $200 all day long while trying to get 1k. I have just gotten use to the ave swings in ES to know what a counter trend swing should be then resumption of trend depending on current swing on the current trend. I know not many want to even fathom Elliott wave, but one knows the 5th wave is end of the swing, and the best is wave three when you can have a handful of opportunities to add on to an existing trend. It is always nice to have three markets to choose from if two of them are dead in the water, but if there is a ripper day like today in ES, the other markets will be ripping as well and only worries is having enough real estate on monitors for all the DOMs.
Several FCMs that I am directly aware of allow clients to fund an account and SIM trade live market price ladders using Trading Technologies X-Trader and CTS T-4. Same speed and pace and P&L data as the live market, because the same data feeds are used. Advantage, RCG, O'Brien, come to mind.
you gotta get into that 3 am scene. It's not like you have to do it everynight. Sometimes you can put it on during normal hours, and old age and insomnia will just naturally wake you up to take a huge profit.