Money Stop and Profit Target for Crude

[davewolfs]

What type of max money stop and profit target are most traders using for scalping crude?

For example, on the ES, my max money stop is usually two ticks (at most) or below the previous tick of the bar before my entry bar.

My targets are a minimum of 4 ticks and I usually swing multiple contracts after my 4 tick target is filled.

I'm interested in trying this approach with crude on days where the market appears to be trending well. What type of money stops and profit targets are most crude day traders using?

As an aside, what time is the market most active? I don't really like to trade the ES outside of 9:30 - 11:30 unless the setup is absolutely perfect, when is the best time to trade crude?

 

[SethArb]

you must use greenshoots and macro and trade small

good luck

 

[davewolfs]

Quote from SethArb:

you must use greenshoots and macro and trade small

good luck

Thank you for the response We all have to start somewhere in markets that we are not familiar with, these are pretty straight forward questions. Do you have to be a jerk about it?

 

[Surdo]

Quote from davewolfs:

As an aside, what time is the market most active? I don't really like to trade the ES outside of 9:30 - 11:30 unless the setup is absolutely perfect, when is the best time to trade crude?

I prefer to do most of my CL trading @ 10:29AM ET on Wednesdays!

 

[davewolfs]

Oh come on guys, give me a little love here. Besides, if you are any good you should be happy to have other traders joining the market, more opportunities for you to take their money

 

[Surdo]

Crude is a monster, trade QM and scale in/out and use wider stops targets. A 2/4 tick target/stop is just not my bag. I use at least a 10/25 tick stop/target.

 

[davewolfs]

Quote from Surdo:

Crude is a monster, trade QM and scale in/out and use wider stops targets. A 2/4 tick target/stop is just not my bag. I use at least a 10/25 tick stop/target.

Just to clarify, the 4 tick targets that I use are for the ES, I am asking what a scalpers equivalent would be for crude.

One thing that I did notice is that crude gaps quite frequently on the 5 minute QM chart, which does not seem to be the case for the CL future. Currently for my entries I am using stop limit orders so that I am swept into my trades. This style probably wouldn't work very well with the QM contract.

 

[SethArb]

if you follow what I said you will make more money than

any ES trader who thinks the chart tells all

charts lie ... greenshoots and macro edges don't

 

[davewolfs]

Quote from SethArb:

if you follow what I said you will make more money than

any ES trader who thinks the chart tells all

charts lie ... greenshoots and macro edges don't

Thank you for your contribution of absolutely nothing

 

[yoshytrader]

If you trade crudeoil to scalp you should use CL for small movements, compared to what you said on ES, my guess is that you should tkae 0,03 or 0,02 as a tick, so, in order to scalp you could use around 0,03 to 0,05 stops with targets starting on 0,12/0.18 cents towhatever moreyou let the position run.

QM is not good to scalping, lack of volume and wider spreads, unless you broker does not allow you to trade CL, this may not be a good choice