CL Redux

[riskaddict]

Quote from tomahawk:

I used to keep track of ATR in ES and I really have never found a practical way to use it consistently.

As far as CL, which is much less mean-reverting than ES, how do you guys actually make use of ATR? Surely we're not fading and averaging at multiples of ATR ...

I thought ATR and Standard Deviations were used to pick out where to place a stop based on the time frame you are trading.

Why aren't we at 88 yet? I've gotta go cut more wood.

 

[tomahawk]

All that makes sense, thanks.

 

[ammo]

sh 87 07 for a fade into the close 40 cent stop add 14,21 flat 00

 

[NoDoji]

I had just sent FCX this message before that whipsaw move:

"A lot of head fakes can occur in this last 30 mins of pit session. Tread carefully if at all."

 

[Visaria]

I take a look at the average daily range including trading outside of RTH as a measure of volatility, specifically where to set targets.

 

[ammo]

i trade the boobs from cleave to cleave bigger pic, then from above or below the nip inside each , at the moment the cleave on top of this one is 87.43-71 with the nip at 86...so if we can get to the 43-71 area,short,stopped out above, and ride back to 86,unfortunately we couldn't get into that area

 

[ammo]

on a 1 year you can fade todays high back to 86 56 ledge,if one trades only this instrument,you could zero in with 2 or 3 timeframes and catch a lot more moves

 

[ammo]

1 month

 

[ammo]

day sh 87 01 bid 43

 

[oraclewizard77]

Took 1 trade today, and then a nap. Did everything right except go for double the profit which I would have gotten. This was using new system after taking some losses for over trading.

Problem was that I was right a few times on old system, but got a loss by either not having the right stop or just canceling the trade thinking it would not work out, so I devised a method on exactly when I would enter the market after getting confirmation from my indicator and based on price action.

During trade, overall market was up, but CL was down and below EMA. However, my indicator was suggesting a possible bullish move back up coming soon. So I then used my new setup to tell me when to get in this time with equal risk vs reward. However, I see in hindsight that I could have gotten more profit on this trade and every time it worked today. The other times I did not take the trades since it was before I normally trade.