CL Redux

all these days CL is following L shape for the day chart getting weaker last 2 hours of pit trading .

It seems today for a change ( contrary to retail trader conditioned thinking ) we may see down to 8285 levels then push to 84 towards close .

and also 8227 day low with finish $2 range with 8427 .

Let us see ...
 
that would be nice! all the guys that think they're slick and say OH I can just short at 1:30 and go hit the bar lets squeeze their nuts off! Looking at that ledge around 84.75 or 85 on the Q2
 
Quote from Laissez Faire:

Got my first target at 83,20, but I don`t think that will be resistance.

EDIT: Cleared that now. Green lights for 84 from here, IMO.
More...

Almost there now.

Can push further than 84, IMO.

Simple and useless volatility analysis. :)
 
Four trades on the day, 1 mistake for 10 cent loss, 2 even steven trades, and 1 win for about 1.30.

Overall great day trading day. Blue is buy, red is sell. Trades at $83.20 and $83.01 can't really be seen since the buy/sell was at the exact same price. Last trade was a great one as the price never went a few cents lower than my entry. My only concern is that i may have stuck to my rules and taken my gains, when this is a special situation in which i should have held on for possible large gains of the $3-$5 variety. I think we are breaking out to the upside of this range here, but i wasn't absolutely sure so i stuck to my rules.
 

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we got $2 range to 8427 but with out drop to 8285 level ..

Quote from InvestVision:

all these days CL is following L shape for the day chart getting weaker last 2 hours of pit trading .

It seems today for a change ( contrary to retail trader conditioned thinking ) we may see down to 8285 levels then push to 84 towards close .

and also 8227 day low with finish $2 range with 8427 .

Let us see ...
More...
 
Question to all the people trading CL with real money in this thread..

Here are my paper trades the past 2 days:

YESTERDAY, 6/13

~4:30 AM 83.27 Short
8AM 83.1 cover +.17

8:25 82.92 Short
9:45 82.38 Cover +.54

10:15 Long 82.9
10:50 83.6 +.7

12:05 83.1 Short
12:25 82.88 Cover +.22

3:25 83.38 Long
3:45 83.28 Cover -.1

4:05 82.95 Short
4:45 82.48 Cover +.47


Total: + $2.07



TODAY, 6/14
8:10 AM Short 82.62, covered 830 at 82.4 +.22 (posted this one live before work)
8:40 long 82.75 covered 9:10 at 82.95 +.2
9:25 short 82.75 covered 9:45 82.6 +.15
11:00 long 82.99 coevered 11:45 83.3 +.31
12:35 long 83.42 covered 12:50 833.85 +.43
1:20 short 83.5 covered 1:25 83.55 -.05
2:15 and 2:35 in and out at 83.7, break-even
3:00 long 83.9 covered 3:15 84.1 +.2

Total: +1.46


You can see that I'm making lots of trades per day. If these were real, how would slippage be effecting me? How much price discrepancy should I expect per trade & how would it effect my profits?

I'm really worried about this and need to know before I start putting my hard-earned money at risk..
 
Your sim trading looks impressive to say the least for a person who is fairly new. Why are you worried? Simply trade 1 contract using real money and you will find answers to your questions :D



Quote from ZapCoffee:

Question to all the people trading CL with real money in this thread..

Total: +1.46


You can see that I'm making lots of trades per day. If these were real, how would slippage be effecting me? How much price discrepancy should I expect per trade & how would it effect my profits?

I'm really worried about this and need to know before I start putting my hard-earned money at risk..
More...
 
Quote from ZapCoffee:
I'm really worried about this and need to know before I start putting my hard-earned money at risk...
More...

I`m with Dolphin on this one.

Liquidity is not a constant, especially in a market like crude oil. At certain points in time and at certain price levels, liquidity dries up and the slippage can be brutal. News releases, news shocks and strong momentum moves could impact your fills.

Further, you do not mention if you use market orders or limit orders. I assume you use a combination.

You simply need to test it for yourself, but I can say that I don`t think you will experience any significant problems trading one contract in normal market conditions during NYMEX RTH. Most of the time you should be fine.

Wishing you luck in the transition from simulator to live trading. :)
 
The previous replies were spot on IMO. I'd be curious to know whether your trades are discretionary or based on specific, pre-determined "absolute" rules. If the latter, you should be fine ... slippage will not hurt you that much if your system is as consistent as those 2 days (a big IF, based on just 2 days). If your trading is discretionary, your emotions once real money is at stake will probably affect you more than any slippage. But it looks like you have a great start based on those 2 days.

Good luck and trade small until you've booked yourself a decent cushion. Let us know how things go.
 
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