News Trading using Futures

How about your chart you asked for comments on, that I marked up this past Monday?

 

I just saw it now. I gave you a like for your last comment. I start working on my other job so I will check back on Thursday.

 

No setups at this time. One of my indicators stopped working, maybe due to volatility. Anyway replaced it with a standard one, and I now in hindsight see better setups.

I am not planning to trade again till Thursday night. I really don't like looking at the chart for more than 10 min. If I see a setup, then I will trade it so luck may come into to play on when I open my charts.

Sometimes I will do something else and then check later in the night for setups. Normally, I might also create lines for High of day and Low of day, but if we are trending down this might not be useful. In a range they can be more useful.

 

In Ninja Trader and other charts you can create price alerts.

For CL

Daily Top 32.40
Daily Bottom 30.05

For ES

Daily Top 2646
Daily Bottom 2495

 

Here's today's chart, not looking to trade again till Sunday night.

 

My thoughts on the trades.

Intraday:

I think I could have waited with a limit order to go long closer to the lower support level. I targeted the 1st contract to get me out at BE and left 2nd contract at original target. As you can see with this trade I could and should have at least targeted the 1st resistance level.

After 3 pm PST:

I don't have an issue where I went short, however I could have targeted the 1st support level where I went long earlier in the day. I was going to add 1 contract if trade went against me with stop somewhere above resistance level.

Looks like when I do have a winning trade I am not getting enough profit. So 2 things I need to work on, letting winners run some more, and trying to get closer to where I should enter the trade setup better maybe with a limit order so I can reduce risk and not need to average into the trade with a 2nd contract. Feel free to let me know what you think.

 

Short CL around 27.20. California just issued a stay at home order. This is real bad. I got stopped out of ES which moves too much, but staying with CL.

https://www.latimes.com/california/...-california-1-billion-federal-aid-coronavirus

 

1st target of 20 ticks was hit, but this is such bad news I have 2nd contract that is going to a much further down target.

 

If other states like New York do this, look for CL to go to $ 10 over time.

 

2nd target for 26.32 was hit. Overall after taking a loss on getting stopped out on ES, I made $ 940.