CL Redux

Unrelated: Dodger's bankruptcy:

"Topping the list of creditors, according to the bankruptcy papers, is former outfielder Manny Ramirez, who is still owed $21 million. " :p

ADD Forgot to mention. I was caught using steroids to boost my trading performance. But rather than face my suspension I've decided to retire. Fortunately for me schizo still owes me $25 million in deferred payments. :)
 
Did not like the action on CL today ... came out -5 for the day. 2 good trades, but about 6 dumb ones, and the two winners I should have let ride for 30 more, and 15 more, to hit my original target. I will learn one day, hopefully that day is soon.
 
Quote from JoshDance:

With the earlier long all it would take is trailing the bar lows on the 1m with as much strength as it showed... kinda stupid exit on my part.
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Josh, I use that exit strategy a lot on a strong run where there's a key level in play. I used it earlier today during a long trade from around 10:15-ish ET. Once price broke 90.55 with some conviction, there was good airspace to 90.87, and 90.98 was a very key breakout level from that point, so I just started trailing the 1's, which kept me in for a good chunk of the run.

It's not a good strategy early in a trade, but once a key S/R level breaks with some conviction, I've found it very useful.
 
Quote from NoDoji:

Josh, I use that exit strategy a lot on a strong run where there's a key level in play. I used it earlier today during a long trade from around 10:15-ish ET. Once price broke 90.55 with some conviction, there was good airspace to 90.87, and 90.98 was a very key breakout level from that point, so I just started trailing the 1's, which kept me in for a good chunk of the run.

It's not a good strategy early in a trade, but once a key S/R level breaks with some conviction, I've found it very useful.
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That's the same trade I was in (BCE as well I think), I was long from .48, and exited at .78, for no good reason other than it stalled... I will force myself to try this strategy this week when I see strength.
 
Quote from DonCorleone:

just out of curiosity, does anyone use tick chart? is it better than regular time chart? what interval tick charts are recommended?
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I use a 25T chart because it lets me time entries better sometimes. I used to have a problem focusing on it too much, and I just got lost in the noise. So, as long as you don't get too into it, I think it can be useful. But I certainly don't think it's better or necessary. In fact, if I can get to the point where I don't need it, that would be great for me. You'll see a pretty pure movement of price, and even within 1m bars you will see flags, channels, etc. Again, just don't get lost in the noise, or it will hurt your trading instead of helping it.
 
Quote from DonCorleone:

just out of curiosity, does anyone use tick chart? is it better than regular time chart? what interval tick charts are recommended?
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There is no serious discussion on this site about charts, timeframes, and the best way to represent data.

Think about what you are showing. Why would number of transactions be relevant? If you can make a case for them being relevant, great - and then use it in your trading.

What are the shortcomings of a time chart? Would this be solved by using a sub 1 minute chart instead?

What are the various qualities of time, range, volume, and tick charts?

All of these ways to represent data are interesting, but in order to pick an optimum setup you need to know what you are looking for and why.

Otherwise if you don't want to think, use whatever chart configuration is set is default or whatever is popular with vendors etc - how about using fib numbers - 144/233 tick charts?

Do any traders here trade without the use of charts? Any interesting price / volume / range / tick chart setups?
 
Looking at the daily chart, on Thursday we had the heavy volume dip below 90.00 Friday we had a mild day with a near retest of the low. Today we had a dip a few ticks below the low, and closed above 90 yet again, today on the lowest volume we've had since late April (277K contracts).

From a Wyckoffian perspective (not that I am one per se), I would not be surprised to see movement up above Friday's low tomorrow. The fact that we dipped below Thursday's low only once tells me that there's not interest at this time for further selling. This favors at least some attempt to push up.

However, the thing that is conflicting within me in this analysis is that while we had little selling interest, we also had little buying interest, and we are in what most would term a pretty decent down trend (on the hourly/daily time frame anyway). In fact, we could not even muster enough buying to test Friday's pit high. There were really no good attempts to push up today save one 6500 volume 5m up bar, and after that all other attempts were a dismal failure. Momentum rules and frequently trumps rational analysis based on volume. This favors a retest of the lows and possibly new lows.

So, where does that leave me in my perspective? No where I suppose. A useless analysis, in that I can draw no solid conclusions using the data at hand. But I thought I would share anyway, for anyone to glean any information from, or anyone to correct my understanding.

(edited 6:02pm)
 
Quote from JoshDance:

I use a 25T chart because it lets me time entries better sometimes. I used to have a problem focusing on it too much, and I just got lost in the noise. So, as long as you don't get too into it, I think it can be useful. But I certainly don't think it's better or necessary. In fact, if I can get to the point where I don't need it, that would be great for me. You'll see a pretty pure movement of price, and even within 1m bars you will see flags, channels, etc. Again, just don't get lost in the noise, or it will hurt your trading instead of helping it.
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i use 5 min chart to determine trend and 1 min to determine entry/exit but today there were some setups that i hesitated from getting in b/c the 1 min chart was unclear. later when i looked at a 233T chart it had painted a better picture. so now i'm debating whether to switch to 233t or just stay with 1 min. hmmm.... :confused:
 
Quote from JoshDance:

That's the same trade I was in (BCE as well I think), I was long from .48, and exited at .78, for no good reason other than it stalled... I will force myself to try this strategy this week when I see strength.
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.78 is no man's land during that run, IMHO. .87 must be tested (Law of CL Scalping Bots). If that breaks, you simply cannot exit your position until someone whacks an offer at .99, thereby gunning a whole lotta stops (Law of the HOD), which will result in an abrupt failure if it's nothing more than a stop run, or will run with breathless abandon to 91.30, which it didn't, and I have no clear technical explanation why 91.23 tried twice and failed other than the Law of Damn That Green Bar Is Too Big To Go Much Further :p
 
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