In the 1st arrow, we see price breaking back under resistance level. In 2nd arrow, we see price breaking support. And as noted, the last arrow, price broke above the triangle.
News Trading using Futures
- Thread starter oraclewizard77
- Start date
Feel free to mark up my chart, and show where you see good setups. Remember for PA trading, less is better. Less indicators, less lines, less TA. Most indicators are lagging, enough screen time, and you can see patterns just like in the movie the Matrix, where they can see what the chart actually represents.
Hi,
I am not going to promote any news provider on this thread. They don't pay me. However, many have free trials. Some of the professional ones are for traders that work for hedge funds.
I have tried a few that are cheaper. Economic event calendars are free and all traders can use them. I normally do check different news information before I trade. Even just using Google to type oil news right before a trade is good.
Currently short CL 33.52 off of resistance.
https://www.cnn.com/2020/03/11/business/oil-prices-saudi-arabia/index.html
Saudi Arabia is threatening to dumb oil. Also, less people are flying or going to events.
Saudi Arabia is threatening to dumb oil. Also, less people are flying or going to events.
Here's the chart.
Not my best trading. As you can see I was trying to add a 2nd contract with stop above previous high. I got stopped out on that contract. Another contract I added slightly higher, I killed at BE maybe due to fear. The 2nd contracts were supposed to go for around 10 ticks.
However, even with a loss on ES that I was trying to short at a resistance level that did not hold, the overall day that started at 3 PM PST was profitable.
Mainly due to allowing the main CL contract head to lower support level target. Especially with volatile markets like this, my normal scalping not really working, it's better to try for more ticks for the winners. This way you can have even a 50% win rate and still make a profit on these days. My main stop for the longer contract was somewhere above the higher resistance level.
Feel free to leave comments on how I could have now or in the future improve my trading. However, be nice no trolling please.
However, even with a loss on ES that I was trying to short at a resistance level that did not hold, the overall day that started at 3 PM PST was profitable.
Mainly due to allowing the main CL contract head to lower support level target. Especially with volatile markets like this, my normal scalping not really working, it's better to try for more ticks for the winners. This way you can have even a 50% win rate and still make a profit on these days. My main stop for the longer contract was somewhere above the higher resistance level.
Feel free to leave comments on how I could have now or in the future improve my trading. However, be nice no trolling please.
Yes you can see patterns, the markets are fractal and the fundamental way price moves has not changed in decades, the fact that indicators are lagging is not an inherent issue.
(if you understand how to properly read your indicator(s) / as you said yourself screen time can assist in this).
The reason lagging is not an inherent issue is because it's not like big players are sitting around and pressing a mouse button on a whim to decide to sell and buy hundreds or thousands of futures contracts they want to avoid pricing themselves out and be discrete as possible. They want to either A) get a net weighted average position size as low as possible or B) Pump the market up to create enough liquidity to sell into.
These things take time and if you know what to look for they will leave clues behind that can often show their hand which sometimes enables you to take advantage of it. Although it's trading so of course nothing is ever 100%