Ninjatrader 7 I see. You're stubborn like me. Cold dead hands and all that, heh.
News Trading using Futures
- Thread starter oraclewizard77
- Start date
Ninjatrader 7 I see. You're stubborn like me. Cold dead hands and all that, heh.
https://www.reuters.com/business/energy/oil-prices-ease-worries-waning-demand-us-china-2023-11-13/
Oil was up on ease of worries of lower demand. Trade was initiated after hours. Trade setup is called blue skies. Stop was set below on previous price action support from the day. Target was actually a little higher, however I lowered target to match previous resistance level and was filled at market.
Goal of current trading is to have longer profit targets vs equal or smaller stop targets. Trades with more confidence could have even longer targets and or more contracts.
News should always be confirmed by price action. If you see news and price is going down, then it has no impact or is superseded by some other news. Actionable news creates price action not the other way around.
Oil was up on ease of worries of lower demand. Trade was initiated after hours. Trade setup is called blue skies. Stop was set below on previous price action support from the day. Target was actually a little higher, however I lowered target to match previous resistance level and was filled at market.
Goal of current trading is to have longer profit targets vs equal or smaller stop targets. Trades with more confidence could have even longer targets and or more contracts.
News should always be confirmed by price action. If you see news and price is going down, then it has no impact or is superseded by some other news. Actionable news creates price action not the other way around.
https://www.cnbc.com/2023/12/14/oil-rises-on-middle-east-worries-future-cuts-to-borrowing-costs.html
"Oil prices rose on Thursday, extending the previous session’s gains, on a bigger-than-expected weekly withdrawal from U.S. crude storage and a weaker dollar after the U.S. central bank signaled lower borrowing costs for 2024."
Originally, I was trying last night for a scalp trade on a pullback to the long side. I made a few mistakes on entry. I then decided to switch to an over night long swing trade which I did not watch and was profitable. I closed the trade at market when I got up after seeing how it did.
While scalping is fine, it is good to try to sometimes do a longer term trade. I may post the charts later or a video.
"Oil prices rose on Thursday, extending the previous session’s gains, on a bigger-than-expected weekly withdrawal from U.S. crude storage and a weaker dollar after the U.S. central bank signaled lower borrowing costs for 2024."
Originally, I was trying last night for a scalp trade on a pullback to the long side. I made a few mistakes on entry. I then decided to switch to an over night long swing trade which I did not watch and was profitable. I closed the trade at market when I got up after seeing how it did.
While scalping is fine, it is good to try to sometimes do a longer term trade. I may post the charts later or a video.
https://www.reuters.com/markets/com...op-russia-exports-red-sea-jitters-2023-12-18/
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"The bad weather in Russia has played a part in the stronger open this morning as has the Houthis attack on ships close to Yemen," IG analyst Tony Sycamore said.
Russia said on Sunday it would deepen oil export cuts in December by potentially 50,000 barrels per day or more, earlier than promised, as the world's biggest exporters try to support global oil prices."
Currently long CL around 72.13 Normally don't get in this early in the night, but looks like good fib retracement. Leaving a wider stop and while not a swing trade, looking for a little more than a scalp.
"
"The bad weather in Russia has played a part in the stronger open this morning as has the Houthis attack on ships close to Yemen," IG analyst Tony Sycamore said.
Russia said on Sunday it would deepen oil export cuts in December by potentially 50,000 barrels per day or more, earlier than promised, as the world's biggest exporters try to support global oil prices."
Currently long CL around 72.13 Normally don't get in this early in the night, but looks like good fib retracement. Leaving a wider stop and while not a swing trade, looking for a little more than a scalp.
At this moment, there is no indication that NYMEX oil (and Shanghai oil) futures are going up.
Let's see what the Europeans are going to do with it.
I took a small profit on this trade since I was also long on ES and got out at a profit. I am now going to look back in the morning to see if I could have done better by holding. There was no reason for me to turn a profit into a loss.
My stop was super tight on ES, and my strategy was that if I took a loss on the long ES trade, I would move the target of my CL trade higher.
The reason for my ES long trade was a break above the Pivot high. Also, a good ES short trade could be a break of the Pivot low.
Actually, I was not even planning on trading tonight since I did so well on the swing trade last week, I was just going to take a few days off and practice some setups.
I was watching Youtube videos and saw this master trader do a Sunday trade that I never do for a setup so I turned on my charts early.
Good luck on your trades. I will try starting soon to make Youtube videos that show some of my setups.