Oil price action trading

[niko]

1. At the open buyers provided S at 1.20 and broke the SL, As the HL formed I took the long but it did not go anywhere, I was thinking about 44 as a possible R level, but did not pay much attention to it paying a price for it.

2.As buyers gave up what looked like a REV turned into a hinge, so I waited for a RET to go short, just as in 1, this happened at S, and the break did not come, so my trade was in trouble pretty fast. Perhaps I should find a way to exit this kind of trades faster. Will look into that.

3. As prices failed to break above R at 44 I took the short, this time exiting at the break of SL.

4. As prices broke below S with strength my reading was RET, but it also failed. This HL was actually the place to get in on the long side, but I missed it, need to look into it.

5. After the SL was gone REV was the way to go, in this case we were around the MP of the TR so extra chop should be expected. Exited on the break of DL, but I am not sure about this one, it is like the ones in Friday when I exited too early, will have to see if I define a looser initial stop loss and how it would have affected the rest of my trading in the past.

6. Once again around R, a new RET so a long was called for, this time i got what I was looking for, but then R around 101.80 put itself in my way, Now from the 5 min perspective, this was just a RET and the trade was way in the green so I could have been more flexible here.

7. BO from the TR, stop too tight.

Things to think about:

Looser stops
Trade management after I am away from the entry.

 

[dbphoenix]

Just out of curiosity, why are you trying to daytrade this rather than trade it EOD? The daily chart is so clear.

 

[niko]

Quote from dbphoenix:

Just out of curiosity, why are you trying to daytrade this rather than trade it EOD? The daily chart is so clear.

Have never traded anything EOD, looking forward to sometime in the future, that is why I joined Gringo´s initiative.

Besides, I am not giving up on intraday oil that easy. As you have already realized I am stubborn as a mule.

I know you don't trade this and are not very fond of it, but now that you are here I wanted to ask you a question. Around 10:15 I was thinking about going long (my rules here are very strict after some underwater anguish in the past), but I did not. Then I realized that the fact that MY SL was away did not mean that the market was not reversing. Is there anything you want to say about it.

BTW, never thought you read my Oil journal... Thanks I am honored.

 

[niko]

Daily:

Yesterday, buyers found R at the bottom of the TR around 103, the SL is being tested but LSH and LSL are still holding. The trend is down and it looks like we are in the middle of the RET after the BO. As always one has to be alert to the fact that the TR might use its gravitational force to get buyers in back inside and give shorts a bad time.

Hourly

A failed attempt to retest 103 turned into a hinge premarket, it looks as if we are breaking out of it at the time of the post. 101 might be of interest, but if taken it could propel a very interesting sell off.

5 minutes

The trend is currently down, we just crossed PD50% on increasing volume.

I am marking in aqua the levels where the largest volume was registered yesterday according to the VAP indicator. Just to observe what happens around those levels.

 

[dbphoenix]

Quote from niko:

Have never traded anything EOD, looking forward to sometime in the future, that is why I joined Gringo´s initiative.

Besides, I am not giving up on intraday oil that easy. As you have already realized I am stubborn as a mule.

I know you don't trade this and are not very fond of it, but now that you are here I wanted to ask you a question. Around 10:15 I was thinking about going long (my rules here are very strict after some underwater anguish in the past), but I did not. Then I realized that the fact that MY SL was away did not mean that the market was not reversing. Is there anything you want to say about it.

BTW, never thought you read my Oil journal... Thanks I am honored.

I don't actually read it. I pop in occasionally to see if you're still trying to trade it intraday. But as for your trade, you'll note that you're heading right back into chop. Why you continue to do this is unclear to me.

As for oil itself, I don't understand the fascination with oil and gold and the ES. It's not much different from the fascination in some quarters with penny stocks. But it doesn't keep me up at night, so . . .

 

[niko]

Quote from dbphoenix:

I don't actually read it. I pop in occasionally to see if you're still trying to trade it intraday. But as for your trade, you'll note that you're heading right back into chop. Why you continue to do this is unclear to me.

As for oil itself, I don't understand the fascination with oil and gold and the ES. It's not much different from the fascination in some quarters with penny stocks. But it doesn't keep me up at night, so . . .

Well, just the fact that you pop up occasionally helps a lot. Regarding the trade, that is all I needed to confirm, in hindsigth that looks like the best entry opp, but in real time chop was there and i was really not paying much attention to it to my own peril, i avoided the trade because of the SL was still valid for me, but then again the lines....

 

[dbphoenix]

Quote from niko:

Well, just the fact that you pop up occasionally helps a lot. Regarding the trade, that is all I needed to confirm, in hindsigth that looks like the best entry opp, but in real time chop was there and i was really not paying much attention to it to my own peril, i avoided the trade because of the SL was still valid for me, but then again the lines....

Perhaps you could wire and program your keyboard to provide you with an electric shock every time you try to enter chop . . .

 

[niko]

Quote from dbphoenix:

Perhaps you could wire and program your keyboard to provide you with an electric shock every time you try to enter chop . . .

Great idea, will just stop trading chop all along. I was doing something a little different with oil of what i was trying to achieve in the NQ, but today you made me reailze it was just inneficient. I will focus in the non-line trading in the NQ and apply all things learned to oil, latter. Will stop trading it until my next step is completed. I am sure it will do more good than harm.

For now this thread author will be in a leave of absence.