CL Redux

Quote from schizo:

1. It largely depends on the technical factors. Sometimes I get in just before prices start to move and I'm out within 10 minutes. Other times, to the contrary, the damn price reverses on me and I get stopped out within 5 minutes. I usually do not like to hold for hours on end with one exception. When I sense an imminent trend reversal on the daily chart, as I did a few days ago, I tend to just sit out through all the whipsaws. Unless I get stopped out, I plan to do just that with the current trade as well.

2. While I do monitor various timeframes, I solely use the 5-minute chart for trade executions.

3. I would say my trading hinges on 95% pure PA. As for the rest, I do glance at Bollinger and Keltner bands for gauging the momentum.
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How much use have you found Bollinger and Keltners? Ive tried trading CL with them in the past and I dunno, its just like they didnt tell me anything I didnt already know. Im not a fan of drawing trendlines or channels either. The only indicator Ive worked into my system is the 21ema (I throw in a 150 on daily charts), and thats really just a guide to draw my eyes to certain areas, and I like to watch price action when it tags the 21. I like to use the 21 as a profit target on counter-trend trades as well. For something as wacky as CL a 5min candle chart, volume, and T&S seem to be the most effective for me.
 
Quote from BPtrader:

Suggested titles of your future thread:

"Trapped: How I became an investor from a day trader"

"I wish I never knew saliva and his CL thread"

or you can borrow mine:

"I am finished"

"I quit"
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You are a fucking idiot. I thought you gave up on trading? Give up on trolling ET as well. Everyone just rolls their eyes at your inane comments, you arent getting anyone worked up. If you are such a good speculator why arent you in the game anymore?

And saliva didnt start this thread, reference the idiot comment above.
 
Quote from spd:

How much use have you found Bollinger and Keltners? Ive tried trading CL with them in the past and I dunno, its just like they didnt tell me anything I didnt already know. Im not a fan of drawing trendlines or channels either. The only indicator Ive worked into my system is the 21ema (I throw in a 150 on daily charts), and thats really just a guide to draw my eyes to certain areas, and I like to watch price action when it tags the 21. I like to use the 21 as a profit target on counter-trend trades as well. For something as wacky as CL a 5min candle chart, volume, and T&S seem to be the most effective for me.
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I use 5-min chart with a 20-period 2.0 dev Keltner (mirrors 20-bar EMA), to guide my eyes to overshoots of the extremes. It's like training wheels for me. I just removed them from my chart to see how well I do without them. I'm still sim trading (though I did have my first two live trades this week), so no worries if I screw up without the Keltners.

I go short or long on failed retests of the extremes. I also use the 20 EMA as a profit target on counter-trend trades, and often reverse position if buyers or sellers come in at the line.
 
Quote from NoDoji:

I use 5-min chart with a 20-period 2.0 dev Keltner (mirrors 20-bar EMA), to guide my eyes to overshoots of the extremes.
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Sorry, that's Keltner 1.0 dev for CL.

I use 2.0 for ES.
 
Quote from HuggieBear:

"J.P -- get out there and buy me every barrel of oil you can under $80! I dont give a shit -- if it's under $80 just buy it!"
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Holy cow, HB, I think you've discovered The Grrrrail!
 
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