CL Redux

Depends on timeframe I'm looking at. If i play something off the 3 range or 10 second chart usually 10 ticks. 500 volume chart usually 20 ticks, longer trades 33 ticks . I risk the same amount per trade in equity percentage terms. timeframe and setup determine contract size and stop distance.

Typically

10 contracts 10 ticks
5 contracts 20 ticks
3 contracts 33 ticks

It's ok to leave alot on the table , you're just beginning, just focus on risk management and following your process and the $$ will follow as you get to know the instrument intimately.
 
Quote from Zr1Trader:

Depends on timeframe I'm looking at. If i play something off the 3 range or 10 second chart usually 10 ticks. 500 volume chart usually 20 ticks, longer trades 33 ticks . I risk the same amount per trade in equity percentage terms. timeframe and setup determine contract size and stop distance.

Typically

10 contracts 10 ticks
5 contracts 20 ticks
3 contracts 33 ticks

It's ok to leave alot on the table , you're just beginning, just focus on risk management and following your process and the $$ will follow as you get to know the instrument intimately.
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Appreciate the input, Zr1.

I manage risk exactly the same way, but with my current account size, I do not intend on trading more than one contract until I`ve doubled my account and proven that I know a thing or two by actually making money. When I have done that, I also want to be a big swinging dick. :)

With regards to leaving a lot on the table, I`m referring to the exit on my winners.

Being fairly experienced with the ES contract, I`m used to almost having all day long to get out around a swing high or low, but with crude oil the reversals are usually brutally fast and my trailing stop below usually gets taken out and thus leaving a lot on the table if I don`t pay attention. :)
 
Quote from Zr1Trader:

Depends on timeframe I'm looking at. If i play something off the 3 range or 10 second chart usually 10 ticks. 500 volume chart usually 20 ticks, longer trades 33 ticks . I risk the same amount per trade in equity percentage terms. timeframe and setup determine contract size and stop distance.

Typically

10 contracts 10 ticks
5 contracts 20 ticks
3 contracts 33 ticks

It's ok to leave alot on the table , you're just beginning, just focus on risk management and following your process and the $$ will follow as you get to know the instrument intimately.
More...

Mind saying how many time frames or different type of charts you typically look at?

I did some testing with volume chart and range charts, but I did not find any solid edge compared to minute charts.

So, for now I settled with a 1-minute chart as my slow chart and a 13 tick chart for execution and looking within the 1-minute bars.

I intend on doing some experimenting with 30-second charts tonight.
 
I see,

Yeah CL sometimes only gives ya a few seconds to get out at a favorable price at the top or bottom of a range.


On my screen I have a 10 second, 3 range, 500 volume, toggle between 5,10,15 min with one window, 60 min, daily. Timesales and dom .

Remember , someone else will always be bigger, I have a little chode in comparison to the big boys :D
 
Nymex RTH range for the last 5 Wednesdays have been 0.95, 1.46, 1.92, 1.95 and 2.04.

Not deviating strongly from the average and median which is 1.68/1.59 for the last 26 days.

Last Wednesday, we only had a minor retrace in an already established downswing during the release before completing a 93 tick down swing.

Wednesday 25th April: Sideways prior to the release and then a 60-70 tick drop before a 146 tick rally to new highs.

Wednesday 18th April: 167 tick down swing started 6 minutes after the release.

Wednesday 11th April: 123 tick up swing started at 10:34, reversed 69 ticks, then a new up swing of 124 ticks to the HOD.

Wednesday 4th April: Sideways movement in a bear flag and then a 150+ tick drop after the release.
 
The pattern for the last Wednesdays, which is probably obvious to you guys and less so to me, is typically congestion prior to the release and then typically a nice sizeable swing.

I`ve been warned not to enter anything at the release and I will heed that smart warning, but if I have an open profit with some ticks in the green, I may decide to hold it with a trailing stop.

Getting ready to play the day. :)
 
I don`t think I`m interested in trying a long until we touch 95,50 or otherwise get a very strong set-up.

Wary of playing the short side as well.

Going to be very cautious this morning. :)
 
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