CL Redux

Quote from Eddiemorra:

Did or would anyone have taken a short in the area that i have highlighted at around 99.80?
It fell off quite fast after that.

There is someone who I 'know' who posts their trades to me.

He doesn't tend to answer questions about his method, but im pretty sure that he at least uses charts/technicals to a degree, since he often mentions various patterns etc.

He is probably about the best trader I've ever seen. Trades are live/realtime

Can anyone see an obvious reason for his short in the area I have circled?
Nodoji??
Would anything tempt you into a short there? I really dont see much other than its approaching the previous high area which also acted as support some 2 hours prior, but I dont think that would be a reason. Them sort of 'setups' surely fail as much as they dont. Ideas?
More...

I was trading longs in the 30 minutes leading into that resistance zone, following the failed final flag on the 1-min chart (which set up between 9:15 and 9:18am ET).

During my long from 99.46, I was targeting a break of 99.96 resistance (which, as you noted, was also a previous S zone). The pullback off the pivot low appeared to have turned into a full trend reversal, but technically I expected price resistance there at least on the initial approach. I was prepared to exit if price was unable to reach 99.96, double topped at 99.96 or broke out less than 8 ticks and came back through 99.96.

Shorting right off the failure to test 99.96 was an excellent with-trend early entry (the overall 5-min trend was still technically down unless that 99.96 broke out). In fact, when I took off the long position I planned to take a short entry for either a retest of the pivot low, or at least a retest of the round number 99.00 which is where early longs likely got in.

While I contemplated whether to short or wait for more confirmation, price just dropped through the entry price I initially contemplated (99.76) and I refused to chase an entry over 20 ticks away. I waited and waited and eventually shorted into the 1-min symmetrical triangle upper TL resistance at 10:02 am ET (this was also near the 5-min 20 EMA), entry price of 99.43, and covered near the round number target when price broke through it weakly and bounced.

So I think your friend's short entry near 99.80 off that R level makes perfect sense.
 
Afternoon everyone! I hope everyone had a good trading day today. I did well on the CL, but had my first losing day on the ES in a while :( I got chopped pretty good in the a.m. before the bounce, and shut my live platform down just before that long really gained some steam. Ah well, on to tomorrow!

AM:
2011-05-09-TOS_CHARTS_CL_AMFinal.png


1. By the book, took profit at next volume spike at 6:34.
2. Short was stopped out for -17
3. I saw that we were back up above 99.50's, which is where the last monster order went through. I figured I could ride some coattails at that point. TP at 7:51 on volume spike, but too bad because I missed the whole round 2.

PM:
2011-05-09-TOS_CHARTS_CL_PMFinal.png


1. I only had time for one entry this afternoon. Again we had broken above the bearish TL, and also well above the last large order that had gone through around 101.00. Took profit on the volume spike at 10:57.
 
Quote from Eddiemorra:

Amazingly managed to salvage a decent winning day despite starting the day with 3 decent losers in the hole.
The nodoji spell continues!

ps - I take it nobody could see any obvious technical reasons for the short entry that I mentioned and posted a chart about?
i'll see of nodoji has any input when she stumbles into the thread to catchup.
More...

I don't want to give away anyone's secret but here it is. Put up a USO chart up on your screen. Add Camarilla pivot points. Compare that chart to your CL chart. It should be VERY obvious why your friend went short there. I always have a USO chart along with CL chart when I trade and it helps.
 
Quote from Eddiemorra:

long 99.37
stop at 99.20
More...

I have to love this entry because I was also long @ 99.37, looking to be positioned early for a for a triangle breakout (break through 99.50) off those bullish dojis that kept bumping against the 20 EMA. Because the second pivot low was higher than the pivot low from the pit open, I expected continuation as my mentor drilled into my head.

Eddie, why take .30 off that trade, though?

Note all your S/R levels from 5-min pivots and from the 60-min bar highs/lows before you start trading and use them for target zones on these breakouts.

For this triangle breakout, the levels price should take out on the way to retest the high were:

99.92/99.96 (Once this broke out, move stop 10 ticks below the breakout level and hold for the next level, or just trail the 5-min bars if you can sit through deeper retraces)

100.25

100.69

101.17 (this is where price finally stopped to the tick and began a pullback)

102.08

102.38

102.70

103.06

103.93
 
Quote from Eddiemorra:

thanks, but bear in mind that im not a consistently profitable trader. Im not one of the guys in this thread that anybody should listen too, and as a result I tend NOT to share reasons for entries for fear of soundIing like I have any idea of what im talking about!
however:

One of my custom indicators (the same one that got me 4 losers in a row last thursday no less!) got me bullish from about an hour or so ago.

It then put in a higher low, and I was waiting to get long and used the bullish candle with the big lower wick as my trigger.

Hopefully the chart makes it clearer.
More...

Clear as a bell, I was watching the same price action unfold. Once you've played these enough times, you'll capture much larger profits.

As for getting stopped out below .21, if it had stopped you out, be ready to get right back in on ANY sign of strength at 99.11 or above (lower TL). Below that, the signal then becomes very likely short.

Pretty soon, that "not a consistently profitable trader" excuse just isn't gonna fly. That chart you posted is advanced trading tactic. :cool:
 
I would like to add that I think this thread is by far one of the best I've seen, not only for CL but for trading in general. solid concepts with charts so everyone can learn to recognize the patterns in real time ("I see live triangles....") :cool:

All setups fail no matter how great, but if you honor your stops, the ones that don't fail pay off many times over.
 
Quote from NoDoji:

I would like to add that I think this thread is by far one of the best I've seen, not only for CL but for trading in general. solid concepts with charts so everyone can learn to recognize the patterns in real time ("I see live triangles....") :cool:

All setups fail no matter how great, but if you honor your stops, the ones that don't fail pay off many times over.
More...

+1! Everyone here is polite, keeps an open mind, and stays on topic during the trading day. I look forward to visiting every day!
 
Here is build info on Trader Work station , I just down loaded from browser from their site ...

once you have chart displayed , right mouse click
- you see window with 4 tabs, first one ' Chart parameter' in that CHECK 'Volume Histogram' Check box .. you see histogram

Thanks to Picaso for showing us this little Gem on IB platform

Build 917.5, May 6, 2011 3:39:17 PM
Jolt Build 1.1.9, Mar 30, 2011 03:57:37 PM
Nia Build 1.8.0, Mar 30, 2011 06:17:06
PM ModelNav Build 1.1.32, Mar 30, 2011 04:02:07 PM

Java Version: 1.6.0_16
OS: Windows Vista (x86, 6.0)


Quote from Jackie Treehorn:

Ivision..


How do you have the histogram on IB chart?


Is from a older build... do you happen to know which one?
More...
 
You must log in or register to reply here.
Back
Top