WTI Crude Time Frame 3min or 30min
- Thread starter Sumation
- Start date
If your first trade always wins, then trade 1 time.
From there, scale up your contracts.
Done in 15 minutes.
Dream job.
From there, scale up your contracts.
Done in 15 minutes.
Dream job.
No offesne at all but if you are still trading in a few years your will realize the absurdity of asking useless questions on et.
Lets look at time frames in CL by considering pace and lets look at Thursday & Friday.
What happened on Thursday and Friday (CL May 5 & 6, 2011) was not different from any other day. The only EXCEPTION was the pace - faster pace, roughly about 4 times faster than a more regular CL trading day.
So taking the daily price gyrations lets assume day trading to exploit the intraday swings. You need to look at whats going on in compartments: 'this is an upswing beginning or this is a downswing beginning'.
The price gyrations produced 43 swings on Thursday and 46 swings on Friday (minimum 40 points per swing). Now the usual number of daily swings have been about 7 to 12 per day. So these are swings coming at you faster. Don't get punch drunk. Sit back and collect your senses and just trade normally but with sharper responses.
Ignorant play by average down buying on falling price or by average up selling on rising price are plain folly and lose you the opportunity successive swings offer you to take net gains. Also a one minute chart shows its severe limitations when swings are fast and big. You start getting a lot of very long bars which obscure what you should be doing.
So you need to use range bar and/or volume bar charts set at suitable levels to give yourself a clear sighted grip of the price gyrations at all times.
Remember the basic premise for an amateur. Day trade. Go where the money is. The moneys in the gyrations. Buy the upswings; sell the downswings. And so to do this, you must devise or adopt a reliable methodology.
What happened on Thursday and Friday (CL May 5 & 6, 2011) was not different from any other day. The only EXCEPTION was the pace - faster pace, roughly about 4 times faster than a more regular CL trading day.
So taking the daily price gyrations lets assume day trading to exploit the intraday swings. You need to look at whats going on in compartments: 'this is an upswing beginning or this is a downswing beginning'.
The price gyrations produced 43 swings on Thursday and 46 swings on Friday (minimum 40 points per swing). Now the usual number of daily swings have been about 7 to 12 per day. So these are swings coming at you faster. Don't get punch drunk. Sit back and collect your senses and just trade normally but with sharper responses.
Ignorant play by average down buying on falling price or by average up selling on rising price are plain folly and lose you the opportunity successive swings offer you to take net gains. Also a one minute chart shows its severe limitations when swings are fast and big. You start getting a lot of very long bars which obscure what you should be doing.
So you need to use range bar and/or volume bar charts set at suitable levels to give yourself a clear sighted grip of the price gyrations at all times.
Remember the basic premise for an amateur. Day trade. Go where the money is. The moneys in the gyrations. Buy the upswings; sell the downswings. And so to do this, you must devise or adopt a reliable methodology.
Quote from Cheese:
Lets look at time frames in CL by considering pace and lets look at Thursday & Friday.
What happened on Thursday and Friday (CL May 5 & 6, 2011) was not different from any other day. The only EXCEPTION was the pace - faster pace, roughly about 4 times faster than a more regular CL trading day.
So taking the daily price gyrations lets assume day trading to exploit the intraday swings. You need to look at whats going on in compartments: 'this is an upswing beginning or this is a downswing beginning'.
The price gyrations produced 43 swings on Thursday and 46 swings on Friday (minimum 40 points per swing). Now the usual number of daily swings have been about 7 to 12 per day. So these are swings coming at you faster. Don't get punch drunk. Sit back and collect your senses and just trade normally but with sharper responses.
Ignorant play by average down buying on falling price or by average up selling on rising price are plain folly and lose you the opportunity successive swings offer you to take net gains. Also a one minute chart shows its severe limitations when swings are fast and big. You start getting a lot of very long bars which obscure what you should be doing.
So you need to use range bar and/or volume bar charts set at suitable levels to give yourself a clear sighted grip of the price gyrations at all times.
Remember the basic premise for an amateur. Day trade. Go where the money is. The moneys in the gyrations. Buy the upswings; sell the downswings. And so to do this, you must devise or adopt a reliable methodology.
Exactly right! A lot of people miss these gyrations due to their charts being time based. I'm trying to capture ranges, so why wouldn't my charts be range based?
Quote from Cheese:
Lets look at time frames in CL by considering pace and lets look at Thursday & Friday.
What time frame do u use, Cheese? 2 mins looks decent for cl..