CL Redux

NoEmotions · Oct 21, 2010

Quote from Picaso:

Blox, NoEmotions, ahem... I thought it was evident that I was joking Sorry for any confusion.

I wish you lot of luck, may this be your reality soon.
Thanks for all the help.

Picaso · Oct 21, 2010

Quote from schizo:

Have you looked at IB's Combo Trader? It supports multi-leg spreads.

http://www.interactivebrokers.com/en/software/pdfhighlights/PDF-ComboTrader.php?ib_entity=llc

I think the problem Mr. Bo Chin has is that he wants to do inter-product spreads and with IB he can only do calendar spreads (in futures); i.e. he wants to buy Texas & sell Brent, but IB only allows him to buy Texas Dec & sell Texas Jan (or Feb, etc.).

Edit: Mr. BC, you can trade some of those spreads natively (one product, such as ETQO Brent-WTI) in the ICE, but IB doesn't carry these spreads. Dorman and CQG do.

http://www.dormantrading.com/Home/Default.aspx

http://www.cqg.com/Docs/ICE.pdf

That said, I'd keep it simple.

mrbochin23 · Oct 21, 2010

Quote from Picaso:

I think the problem Mr. Bo Chin has is that he wants to do inter-product spreads and with IB he can only do calendar spreads (in futures); i.e. he wants to buy Texas & sell Brent, but IB only allows him to buy Texas Dec & sell Texas Jan (or Feb, etc.).

Edit: Mr. BC, you can trade some of those spreads natively (one product) in the ICE, but IB doesn't carry these spreads. Dorman and CQG do.

http://www.dormantrading.com/Home/Default.aspx

http://www.cqg.com/Docs/ICE.pdf

That said, I'd keep it simple.

Yes, exactly Picaso, I know I could do intra month calendar under spread trader, but does not allow me the others. Soon, I am going to diversify my trading into spreads.

Thanks Picaso for the clarification

schizo · Oct 21, 2010

Quote from Picaso:

I think the problem Mr. Bo Chin has is that he wants to do inter-product spreads and with IB he can only do calendar spreads (in futures); i.e. he wants to buy Texas & sell Brent, but IB only allows him to buy Texas Dec & sell Texas Jan (or Feb, etc.).

Edit: Mr. BC, you can trade some of those spreads natively (one product, such as ETQO Brent-WTI) in the ICE, but IB doesn't carry these spreads. Dorman and CQG do.

http://www.dormantrading.com/Home/Default.aspx

http://www.cqg.com/Docs/ICE.pdf

That said, I'd keep it simple.

According to the product description it states "The TWS ComboTrader allows you to create inter-market spreads with legs of stock/stock, stock/option, option/option or future/future". Personally, I've never used CT so I have no firsthand knowledge.

But speaking of crack spreads, doesn't exchange like CME or ICE provide specific instruments? For instance, I know that ICE has RBOB/WTI crack.

Picaso · Oct 21, 2010

Quote from schizo:

1) According to the product description it states "The TWS ComboTrader allows you to create inter-market spreads with legs of stock/stock, stock/option, option/option or future/future". Personally, I've never used CT so I have no firsthand knowledge.

2) But speaking of crack spreads, doesn't exchange like CME or ICE provide specific instruments? For instance, I know that ICE has RBOB/WTI crack.

Schizo, yes 1) but by inter-market they mean in options & stocks, not futures (only calendar); 2) CME Globex doesn't, you have to trade through ClearPort; yes, ICE has several crack spreads, the one you're saying is symbol ENET.

Aaahhh, so much theory, so little practice (me I mean)

:eek:

...

NoDoji · Oct 21, 2010

Quote from Tonkadad:

Nodoji you have talked about bear traps in the past. Would you mind explain exactly what that means? A pic or 2 would great. Thanks

Sorry so long to reply, but I no longer keep these threads up during the trading day.

A bull trap or bear trap is a setup that looks like a textbook entry in the direction of the prevailing trend, but there is price action preceding it that should give you pause.

They set up most often after the prevailing trend has already had 3 or more good pushes.

Look at today's 5-min chart between 7:30am and 9:00am ET. You have three pushes down off the previous up trend's high. 9:00am and 9:05am bars put in twin bottoms. This is a possible reversal signal and as price pulls back, you're looking for a with-trend short entry. The fact that price has had 3 pushes down and put in a twin bottom should put you on alert for a possible bear trap if a textbook with-trend signal bar appears.

9:25am bar is a doji = indecision. You might consider a break through the low of that bar to be a solid with-trend entry, with price then moving below the 20 EMA. HOWEVER (trap alert), previous resistance is 81.97 and the doji bar is right near that level after breaking it by a tick. Possible bear trap, drawing in shorts just below the doji bar and then running up to break previous resistance where all the stops are. This play is good for at least 10 ticks and sometimes price just runs all the way back to the previous high (or low if it's a bull trap).

Hope that helps.

mrbochin23 · Oct 21, 2010

Quote from Picaso:

I think the problem Mr. Bo Chin has is that he wants to do inter-product spreads and with IB he can only do calendar spreads (in futures); i.e. he wants to buy Texas & sell Brent, but IB only allows him to buy Texas Dec & sell Texas Jan (or Feb, etc.).

Edit: Mr. BC, you can trade some of those spreads natively (one product, such as ETQO Brent-WTI) in the ICE, but IB doesn't carry these spreads. Dorman and CQG do.

http://www.dormantrading.com/Home/Default.aspx

http://www.cqg.com/Docs/ICE.pdf

That said, I'd keep it simple.

Thanks guys for your help. I am now talking with Infinityfutures and see what they could do.
Picaso CQG does exactly what i want but the price is way out of my budget.

gov · Oct 21, 2010

Quote from Picaso:

Blox, NoEmotions, ahem... I thought it was evident that I was joking Sorry for any confusion.

Actually I was in can't-pull-the-trigger mode all morning and later had to walk away as I was too focused on myself, as opposed to the market and on the brink on going on tilt.

---

NE, with NinjaTrader you can switch between live and sim accounts. You also have "shadow strategies" so you can see (in a sim account) what would happen if you didn't touch your stops/targets, etc.

With IB bare you'll need two computers to run both live and sim DOMs (although you may want to ask NoDoji).

Hey were you guys aware that the word "gullible" is not in the dictionary??

startraitor · Oct 21, 2010

Exit .82 and .83.

startraitor

Registered: Jan 2008
Posts: 2483

10-21-10 12:40 PM

adding 80.60 and .40

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Quote from startraitor:

long 81
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Quote from startraitor:

stepping outside my comfort zone but adding 1 more .23

NoDoji · Oct 21, 2010

Quote from Picaso:

With IB bare you'll need two computers to run both live and sim DOMs (although you may want to ask NoDoji).

I have my sim account on one PC acting as the data feed for my futures charts, and my live account on another PC. I have no idea if you can run both on the same computer at the same time, but I sure wouldn't want to. I test some crazy stuff in my sim account at times and wouldn't want to, say, accidentally put on 10 lots 30 seconds before inventories in the live account. Unless it was really profitable. Then I'd definitely want that to accidentally happen.

Speaking of sim, I realized I never did a pure counter-trend long trade with CL. I've done many successful pure counter-trend short trades, yet have missed hundreds of beautiful counter-trend longs since I started trading this thing. So recently in sim I practiced it just to prove to myself that it's possible for me to click on the left side of the DOM when price has fallen a long long way, and today I took 2 counter-trend long trades live. I expected the world to end when I did it, but amazingly the only thing that happened was price ticked up, kind of like it tends to do after falling a long long way. Who'da thunk?