OP, it looks like you put a lot of effort into developing a profitable strategy - if you are staring at crude oil price action on your computer screen every single day on multiple timeframes, over time you will refine your strategy as you notice different things that are working those that are no longer working well. If you are consistently profitable now, you will remain so in the future as long as you put in the required effort.
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Day trading crude oil?
- Thread starter Ingrid
- Start date
OP, it looks like you put a lot of effort into developing a profitable strategy - if you are staring at crude oil price action on your computer screen every single day on multiple timeframes, over time you will refine your strategy as you notice different things that are working those that are no longer working well. If you are consistently profitable now, you will remain so in the future as long as you put in the required effort.
%%That's in your favor, Ingrid, 1976 Land Rover .That’s exactly my question. Do you think it will last if so how long? Is it timeless? Does it work on any vehicle or instrument?
Because after all I am analyzing price and volume which I think are the only things you can analyze on a chart!
Thats a bit unusual , the jump from 20 something to 50 something ; but some markets do gap . FEB + MAR-MAY are fairly typical.[Edit, so if you can do it in a sideways slop chop, like FEB, that's in your favor ] NO .Land Rovers are tougher than average+ plenty of markets dont trend as well as oil. Wisdom is profitable to direct
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named Ingrid?... and everyone trolls the guy
I'm curious if this is strategy is still working out for you. I also day trade CLI’ve been day trading Crude oil for the past 4 months and I’ve been consistently profitable for the last 3 months. I’ve been using 4 hour 1 minute charts, 1 day 5 minute charts and 5 days 30 minute charts. Macd-Histogram on all charts, price channels on the 1 minute chart, Bollinger bands on the 5-minute chart and envelopes and moving averages on the 30-minute chart.
My strategy has been support, resistance, kangaroo tails, volume, price rejection and volatility (Bollinger). I basically wait until prices reach either support or resistance and I reach a decision if it’s going to break support/resistance or rejecting that price and going back (That’s why I use different time frames).
I trade during the highest volume hours and so far, I’ve managed to trade 30-150 ticks profitably a day with 2 to 5 contracts per trade and thus far my strategy has worked well with 3-4 hours of trading a day. I also consider the U.S. energy administration’s weekly reports on crude oil inventories.
/CL’s thick movements and volatility have really helped me out recently. I wanted to share with you my strategy so I could get your feedback on it, because even though my strategy works well I am worried that it will not last forever; I drive a 1976 Land rover and live in a 200-year-old cottage so it is safe to say I like things that are timeless and last a long consistent time. I am 23 years old and I’ve been trading for only 5 months so I really want to know what the you more seasoned traders have to say about this.
Thanks a bunch.