Oil getting killed.
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The ACD Method
- Thread starter sbrowne126
- Start date
The weekly levels for Crude were perfect for a swing trade this week. Failed A up at 103 almost to the tick straight to the weekly A down at 99 almost to the tick. The weekly levels work!
Quote from Maverick74:
The weekly levels for Crude were perfect for a swing trade this week. Failed A up at 103 almost to the tick straight to the weekly A down at 99 almost to the tick. The weekly levels work!
Of course they work.
I was talking about Dan Dickerson who CNBC was talking about he will not short oil. He is long from $95. I guess he can add at 98.50 as he is still in the money.
And his $95 entry is in danger of being blown away. So point was, why let oil pullback from 103.48 area to 98.50 in the name of swing trading.
Now, there are all kinds of swing trading just like all kinds of day trading. He apparently is not looking at weekly A up/A down, maybe he is looking at Monthly A up /A down or just praying Israel/Iran being STUPID or looking at Fibs etc..
All i know CL moved 400 ticks if one is short from 103 to 99- whereas intra day it moved 1200 ticks ( actually lot more but 1200 is good enough) during this time.
I guess i just like to make my BROKER rich rather than taking couple of trades and get 400 ticks in a week. I still have not figured out what kind of stop loss swing traders use. Every time , I tried, I got stopped out, even with 100 ticks stop loss but more importantly had to endure price move back and forth in 200-300 ticks daily moves while waiting for pay day.
Not to mention, any kind of macro news can move CL in a NY minute and suddenly weeks of effort is GONE in a New York minute.
I watch weekly/monthly levels but day trading is all i can handle.
Quote from Maverick74:
The weekly levels for Crude were perfect for a swing trade this week. Failed A up at 103 almost to the tick straight to the weekly A down at 99 almost to the tick. The weekly levels work!
I hear you but 98.5- does not count? (lol). I did take a long at 99.13 and got out at 99.74 and then took a long 98.52 and got out 99.20- all with 10 ticks stop loss.
I am not holding them as i do not SWING. MY weekly A down was 98.68.
Your A down got hit to the tick and bounced and mine went down 18 ticks below. it's all good. I do not worry about if a level get hit to a tick or not. They like to take CANDY away from us.
Quote from mfbreakout:
Of course they work.
I was talking about Dan Dickerson who CNBC was talking about he will not short oil. He is long from $95. I guess he can add at 98.50 as he is still in the money.
And his $95 entry is in danger of being blown away. So point was, why let oil pullback from 103.48 area to 98.50 in the name of swing trading.
Now, there are all kinds of swing trading just like all kinds of day trading. He apparently is not looking at weekly A up/A down, maybe he is looking at Monthly A up /A down or just praying Israel/Iran being STUPID or looking at Fibs etc..
All i know CL moved 400 ticks if one is short from 103 to 99- whereas intra day it moved 1200 ticks ( actually lot more but 1200 is good enough) during this time.
I guess i just like to make my BROKER rich rather than taking couple of trades and get 400 ticks in a week. I still have not figured out what kind of stop loss swing traders use. Every time , I tried, I got stopped out, even with 100 ticks stop loss but more importantly had to endure price move back and forth in 200-300 ticks daily moves while waiting for pay day.
Actually on weekly trades, your stop is the wick on the fade. I don't want to go into huge details on this because everyone has their own style. I treat all weekly trades the same whether it's AAPL or Crude. If we get a real fail, those stops literally have tick stops, in some cases 10 to 20 ticks. No way should you be using 200 ticks as your stop. Hell, if one is going to use a 200 tick stop, I would just assume use 500 ticks. LOL.
Quote from Maverick74:
Actually on weekly trades, your stop is the wick on the fade. I don't want to go into huge details on this because everyone has their own style. I treat all weekly trades the same whether it's AAPL or Crude. If we get a real fail, those stops literally have tick stops, in some cases 10 to 20 ticks. No way should you be using 200 ticks as your stop. Hell, if one is going to use a 200 tick stop, I would just assume use 500 ticks. LOL.
Agreed 100% on stop loss. It either works or does not. I jut tried one time 100 ticks stop loss to get it out of my system.
You know we love details from you. So, please give details as I have the most potential to learn from them, i am just assuming, there may be others.