CL Redux
- Thread starter schizo
- Start date
I was thinking the same thing yesterday. I should have held that short strangle one more night since we were still at 96 when I woke up I could have made another easy 500 bucks. But now I'm thinking long straddle. Like I said the other day the daily and 4 hour psars have been my light in the tunnel and when the daily bends but doesn't break it might mean more to go to the upside. 99.90 - 100 would be to perfect especially if DX hits it's daily TL at the same time.
I use a similar pattern, but a tad faster getting in on one minute. I use TSI and wait for it to get to extremes of 50 (your #1) as starting to look for a Secondary(your #2), which can be said to be a failed attempt to make new lows/highs. Then look to take a breakout using recent lows/highs as Protective stop. This pattern works on any timeframe, any market, been around many years, seen it on charts from 1920's in wheat, but that was before TSI, as it is generally just a Price Pattern and best used when differences in highs/lows pivots get tighter.
I usually take positions in multiples of three, depending on time of the day.
I am mainly a scalper, so most are covered up to 20 ticks, but have a 100 tick trade once or twice a week. But best trading has always been in middle of nite.
Good hunting all.
Do you get large enough volume and moves at night to do well scalping?
Yes I do, I had to employ local folks to trade my methods on a 24 hour basis, they daytrade some 15-20 markets. End of tomorrow I will be pretty much end day trading for myself except for last 35 minutes of ES session. Just not in a good way health wise from past 4.5 years of surgeries and diseases. Just getting too old for this after 25 years of day trading.
I plan on concentrating on longer term/swing stock/option trading/ backtesting. I have very limited option trading experience and interested in selling them, should be fun, cause the fun in day trading left me many moons ago when I started to becoming profitable. I trade the Dow30 stocks now based on weekly bar charts, pretty much always in long/short.
I use several different methods that I use on Crude Oil on 1, 3, 5, 15, 60 minute bars. Crude Oil is one of the very few markets I have traded that is much more True Price Action. Often times going to previous pivots to the tick and reverse. Where you see on my charts of thin green lines are areas of "bunched up" price sort of similar to my version of Market Profile but without the volume and the thick green areas are stronger pivots where I am most likely going to reverse and I risk 2-3 ticks on those areas, very similar to my approach when I am scalping the ES. Areas where you always have risk more are trend trades.
I am working on using price action for scalping on CL. I haven't gone live yet though just drilling the setups into my head. My main issue though is I work a normal job 7-5 central time so regular trading hours are not very open for me. I need to check out the night session a little more and see if I can make it work for me until I can work things out a little different with my schedule.
