Oil Trading

H

Hookway

Hello All

CL
cl 21 july.png
Long 96.57
exit 97.68

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I trade about once per week
This Journal will record my Oil trading
At the moment, thats a single CL future
otherwise, USO or others might be used

In the future, I'll attempt to file the journal entry soon after entry

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I regard today as being a bad entry (missed about 20bp)

cl 21 july.png
 
not sure about your timezone.
You entered either on
21 Jul end of the US session or
22 Jul Asian session opening

Your NYMEX CL entry was bad not because you missed by xxx ticks
but because you entered too early (when the uptrend was not established).


the CL uptrend was only confirmed a few minutes/hours after your entry, and after
the Shanghai INE oil futures market opened.



All the best mister.
 
Last edited:
maxinger said:
not sure about your timezone.
You entered either on
21 Jul end of the US session or
22 Jul Asian session opening

Your NYMEX CL entry was bad not because you missed by xxx ticks
but because you entered too early (when the uptrend was not established).


the CL uptrend was only confirmed a few minutes/hours after your entry, and after
the Shanghai INE oil futures market opened.



All the best mister.
More...

Many thanks for the insights on the trade,
am GMT + 12
Usually enter EOD, that trade was just after EOD
 
Hookway said:
Long Oil 93.70

View attachment 290822View attachment 290822
More...


I guess you have a full-time job.
so you cannot be at the computer screen for many hours.

for the past 2 working days, oil has been down decisively & massively.
so at this moment, oil is in the resting stage.
ie the trend is not determined.

Now we don't know how the big Asian traders are going to react.
you have to wait for a few more minutes / hours.
perhaps wait for Shanghai INE oil market to open.
and see if there is any trend.
 
Last edited:
maxinger said:
I guess you have a full-time job.
so you cannot be at the computer screen for many hours.

for the past 2 working days, oil has been down decisively & massively.
so at this moment, oil is in the resting stage.
ie the trend is not determined.

Now we don't know how the big Asian traders are going to react.
you have to wait for a few more minutes / hours.
perhaps wait for Shanghai INE oil market to open.
and see if there is any trend.
More...


Thank you for the Trend views, you're right I do have a job and avoid too much screen time.

I noticed it "rested" for the Asian session, and just moved at the open of the US session

I'm not following its trend so much as its correlations and IV. I find the comments on trend interesting though can not necessarily convert its trend to a trade, as far as I could see it could be contrarian; I'm not much of a chart reader but respect the fact others can be good at this art.
 
Hookway said:
Thank you for the Trend views, you're right I do have a job and avoid too much screen time.

I noticed it "rested" for the Asian session, and just moved at the open of the US session

I'm not following its trend so much as its correlations and IV. I find the comments on trend interesting though can not necessarily convert its trend to a trade, as far as I could see it could be contrarian; I'm not much of a chart reader but respect the fact others can be good at this art.
More...

noted.

I think your stop loss was at 92.2 level (ie 150 ticks) which is around the previous day's low.

so you reward: risk ratio is < 1 which is bad.
You need to aim for RR > 3.


crude oil is very suitable for day trading; ie have to stare many hours at the chart
so as to enter at the right moment.


just for your info ;
decades ago,
I had a full-time job in MMC and I had to work like hell to be a full-time trader.

so I understand the situation you are in.
 
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