CL Redux

[NoDoji]

Done with CL for today. Netted a little over $500 simbucks. On the last trade I had an initial target of 82.10 and it came very close at first, then I exited the remainder early because price appeared to be putting in support with a higher low from the previous bar's low (.14 vs .13). In reviewing that trade, I likely would've done the same thing, so I'm not too upset about the exit before target.

My biggest disappointment was not switching gears after a textbook (that would be Al Brooks' text) reversal bar was put in at 9:40 am.

Tomorrow I plan to focus on exclusively on CL from pre-market through at least the first 2 hours after the open. I really feel I'm getting close to managing trades well enough to trade live.

 

[NoDoji]

And I'd like to thank Sal for recommending QT, it's a dream to trade with!

 

[schizo]

Quote from NoDoji:

Done with CL for today. Netted a little over $500 simbucks. On the last trade I had an initial target of 82.10 and it came very close at first, then I exited the remainder early because price appeared to be putting in support with a higher low from the previous bar's low (.14 vs .13). In reviewing that trade, I likely would've done the same thing, so I'm not too upset about the exit before target.

My biggest disappointment was not switching gears after a textbook (that would be Al Brooks' text) reversal bar was put in at 9:40 am.

Tomorrow I plan to focus on exclusively on CL from pre-market through at least the first 2 hours after the open. I really feel I'm getting close to managing trades well enough to trade live.

Kudos to ya! By no means was this a easy day to trade. If there's one thing I should add, I would suggest that you hang on to your trade a bit longer to capture a larger windfall.

 

[schizo]

Quote from schizo:

Flipped short 82.67

SL 83.05
PT: Will likely hedge again near the LOD

Taking half off at 82.41

Now I can breathe with some relief not knowing what could happen overnight although I doubt anything major will happen with the option expiration just around the corner.

 

[NoDoji]

Quote from schizo:

Kudos to ya! By no means was this a easy day to trade. If there's one thing I should add, I would suggest that you hang on to your trade a bit longer to capture a larger windfall.

That's the only reason I'm not trading live yet. When I trade stocks my max loss is usually $40-$150. With 2 lots CL, my minimum loss is usually $200. If I can't learn to let the winners run further, I won't have the R:R needed to overcome a series of stop outs.

 

[schizo]

Quote from NoDoji:

That's the only reason I'm not trading live yet. When I trade stocks my max loss is usually $40-$150. With 2 lots CL, my minimum loss is usually $200. If I can't learn to let the winners run further, I won't have the R:R needed to overcome a series of stop outs.

NoD, I've been playing the crude intermittently for the last 5 years. However, it's only been 5 some months since I've made the complete transition. From my recollection, CL used to move very differently than now. It moves more like ES to me now. Is this due to the massive outflow of equity index traders like me? Possibly. Or it could be because CL is now so intricately tied to the equity market.

Not so ironically, the most interesting phenomenon is that ES itself is not what it used to be.

 

[schizo]

Quote from schizo:

Yes and no. Through Thinkorswim platform, which is now offered to Ameritrade clients, you can access futures chart. However, you cannot trade futures via Thinkorswim since Ameritrade doesn't clear futures.

On the other hand, you can trade futures directly from Quotetracker, which is free to Ameritrade clients, by linking it to Interactive Brokers (or any one of the futures brokers that QT supports) through its API.

So, in many ways, you get a double bang for your buck if you have accounts at both IB and Ameritrade. Now I start to sound like that one dude from Ameritrade commercial.

You might find the following info useful, which I got from Ameritrade. It's especially worth noting that Ameritrade will provide access to futures trading via Thinkorswim platform in the near future.


ThinkorSwim Ranked #1 by Barron's 2010 Brokerage Scorecard

What caught Barron's attention this year?

onDemand – A new feature that lets you catch a market replay and conduct hypothetical trades using historical data.
Market Cast – Become a market insider with live squawks from the S&P 500 Futures trading pit.
Shadow Trader – Watch and listen to a live trader in action and get their insights on the markets.
Commercial-free, live-streaming CNBC – Watch the news or search the CNBC video archive for content about companies that interest you.


And this is only the beginning

Upcoming Futures and Forex capabilities – We'll soon offer enhanced functionality for even greater flexibility.

 

[brownsfan019]

Keep in mind we are rolling here soon so volume is basically split between the current contract and the next one.

The last 2 days have not been pretty IMO as well.

Wish the CL was a quarterly contract like the others, but it is what it is.

 

[schizo]

Quote from ChkitOut:

Cool, I just downloaded the TOS platform and can now access the futures charts but if I want to use charts instead Quote tracker doesn't seem to be picking up the symbols.

I tried /ES on QT but nothing..

First, you must set up your QT to interact with IB via API. Follow the instruction outlined here:

https://www.quotetracker.com/help/ib.shtml

For symbol formats, scroll down to the bottom of the page.

/ES in QT is "GLOBEXESM0" (without the quotes).

 

[schizo]

Quote from brownsfan019:

Wish the CL was a quarterly contract like the others, but it is what it is.

Just what the hell is the reason that you need to roll over every month? I find this very perplexing. It also screws up the charts big time. Unlike ES, which you can scroll back for the last 3 months, here the data breaks up a lot sooner and the historical chart doesn't match all that well.

Another idiotic thing is why the hell does "April" contract expire in March? Some friggin' morons if you ask me!