Crude intraday

ThingyMajiggy · 22 April 2010

>Apocalypto< said:
SC,

I enjoy having you around the Crude thread and enjoy your posts so stick around.

cheers

Thanks Apoc

MRC & Co said:
Sam,

DOM works for those who can use it. It doesn't for those who don't know how.

I traded oil nearly daily and mostly many times a day for over a year and consistently made money using nearly just the DOM, most probably couldn't use the same strategy.

You said this: "No matter which way I trade, someone, somewhere thinks its stupid so I dunno" with eyes rolling. I completely understand someone is going to critisize the way you trade, you need to learn that also and just keep doing what your doing. I don't read forums a lot or most blogs a lot these days except from those I really trust (i.e. agree with their logic) and they are few and far between, as I don't want to be swayed from my own style and opinion which works for me.

Just practice what seems logical to you, and keep improving upon that. Not really that hard, just have to realise the path is slow, curvy and frustrating. You are going to have great periods, followed by sh*t periods. Work out why, keep trying to improve and adapt.

Yeah thanks MRC, I agree with most of it.

Everything pretty weak atm, ES, Oil, Gold, currencies all off pretty hard from about 6pm, only idea I have that caused it was British retail sales? Didn't think it would have that much of an impact on it though, unless theres something I have missed somewhere. Probably something to do with Greece again?

Anyway, before that I was actually thinking it was going to be positive tonight, I had a long on Crude from 83.58, was going to hold until later tonight but I ended up getting out @ 83.95, I have attached the chart, long @ yellow, out @ red. Was actually a bit peeved at first because I was thinking I got out too soon, bit of luck again!

Not sure what it will do for the rest of the night, might go down to a smaller time frame and try some scalping type trades, it might hold @ 82.45ish or so, but nothing real clear, that I can see yet anyway. Leaning towards weakness now after this drop.

professor_frink · 22 April 2010

Sam,
2 main stories tonight were fitch saying Japan's credit worthiness might be at risk due to govt debt levels and then the Greek budget defict came in at a shade over 13% of GDP

Naked shorts · 22 April 2010

ThingyMajiggy said:
everyones dick is bigger than the next guy's.

Not true, my dick is definitely the biggest.

ThingyMajiggy · 22 April 2010

professor_frink said:
Sam,
2 main stories tonight were fitch saying Japan's credit worthiness might be at risk due to govt debt levels and then the Greek budget defict came in at a shade over 13% of GDP

Thanks prof, just reading up about it now

MRC & Co · 23 April 2010

professor_frink said:
Sam,
2 main stories tonight were fitch saying Japan's credit worthiness might be at risk due to govt debt levels and then the Greek budget defict came in at a shade over 13% of GDP

I would say:

5y Greek CDS to a new all-time wide of 635 – Main reasons: 1) strikes in Greece 2) conservative German MPs refuse to fast-track Greek aid.

ThingyMajiggy · 23 April 2010

ThingyMajiggy said:
it might hold @ 82.45ish or so.

Did end up holding @ 82.45.

Was long, then added to it as it went in my favour. As it turns out, I could have held longer, but I was out @ 83.20 to be erm..."safe" I guess, didn't want to set my TP at the moon, knowing Oil it could swing back down to new lows again by morning. Some big volumes last night too.

The scalping I had a go at was miserable, lots of little losses, I never seem to trade as well short term compared to long term, even though I probably like short term better.

Now the hard part, to do this more than I don't do this, and making sure the do's are bigger than the don'ts

professor_frink · 23 April 2010

MRC & Co said:
I would say:

5y Greek CDS to a new all-time wide of 635 – Main reasons: 1) strikes in Greece 2) conservative German MPs refuse to fast-track Greek aid.

Is there anywhere that this can be followed live MRC? I see news of it rising or falling during the day being reported, but wouldn't have a clue if there is any way to follow it live

MRC & Co · 23 April 2010

professor_frink said:
Is there anywhere that this can be followed live MRC? I see news of it rising or falling during the day being reported, but wouldn't have a clue if there is any way to follow it live

Sorry professor, I don't watch it live, but will find out nxt wk for you off those who would know, finished for the wkend now!

professor_frink · 23 April 2010

MRC & Co said:
Sorry professor, I don't watch it live, but will find out nxt wk for you off those who would know, finished for the wkend now!

Good man!

Enjoy your weekend mate.

Naked shorts · 23 April 2010

Prof, the definitive resource is here
http://www.cmavision.com/

otherwise open an account with an IBank that you can trade CDS's with

professor_frink · 23 April 2010

Naked shorts said:
Prof, the definitive resource is here
http://www.cmavision.com/

otherwise open an account with an IBank that you can trade CDS's with

LOL just found that one myself about 5 minutes ago, should have looked a little harder before posting in here

Have you used them NS?

Naked shorts · 23 April 2010

professor_frink said:
LOL just found that one myself about 5 minutes ago, should have looked a little harder before posting in here

Have you used them NS?

nope, im just signed up to their daily newsletter. i hear live updates from the squawk

>Apocalypto< · 24 April 2010

well after another week of watching this. I took two live trades resulted in 147$US, nothing great for a week but it's a start. Still spent most the week on the sim account trying to get to know CL more before I go all in.

what i can say is this is one of the few markets were a very minor time frame like 2min actually works. I have had to adapt my method a touch but these are positive changes that are more in relation to how CL moves and not tinkering with settings. example, not blindly following the methods ent patterns, waiting for a signal to break current range top or low.

NakedS you were right I still need more time to get to know this market more. still slowly moving along.

blue circle is a trade I took yesterday live orange examples.

so where I get a signal that is also a break of resistance or support is really the signals I am after.

still on sim next week but looking to increase live trading.

>Apocalypto< · 26 April 2010

plenty more on the table tonight.

orange are main set ups. purple's the ones I took.

starting to forget about FX with what i am seeing in CL.

Good trading.

Kryzz · 26 April 2010

>Apocalypto< said:
plenty more on the table tonight.

orange are main set ups. purple's the ones I took.

starting to forget about FX with what i am seeing in CL.

Good trading.

Don't see why everyone favors crude over FX, runs in crude don't seem to be as sustained, only based on what the charts i've seen people post. (euro 1m attached)

MRC & Co · 26 April 2010

One thing with crude, is it's a lot harder to pick turning points, because it moves hard when it moves and you get eaten alive trying to fade capitulations which work well on other markets like equity indices for example.

I also found crude has HUGE squeezes sometimes, so it's hard to ride trends intraday as any form of trailing stop will often get wiped out, however the moves are so big and explosive, you only need to catch portions of the trend which is the safest for this market I believe but requires more active intraday trading than most partake in. Though, when it does go really hard, it will never come back. You get nights like that on unexpected inventories if the previous trend on the daily matches that with the unexpected inventory release. I.e. if it's been in an uptrend and the drawdown is greater, the thing can really shoot and hitting tops can be payday.

As for EUR/USD, worst intraday market on earth for me! It's the only market I'm down net ticks on (let alone brokerage) after a year + of trying. Completely given up on intraday FOREX, equity indices and commodities offer far better trading I think for those who like doing so intraday........just my opinion.

>Apocalypto< · 26 April 2010

Kryzz said:
Don't see why everyone favors crude over FX, runs in crude don't seem to be as sustained, only based on what the charts i've seen people post. (euro 1m attached)

everyone needs to find a market that suits them and their application of trading rules. I find CL to be best that agrees with me ATM.

I still keep an eye on FX on 15m,in but choose at this point to trade CL and futures (SPI) on lower time frames.

I don't think one market is better then another, more what market suits you and can you preform best in.

Good trading

ThingyMajiggy · 27 April 2010

Tonights effort.

8 trades, 6 winners 2 losers. About +30c after brokerage. 1 contract at a time.

Looking back on where I made the trades kinda surprised me, all in the chop basically, which is a nice surprise actually, knowing that there is still some cents to be grabbed in the chop. The in between bits I wasn't at the computer/wasn't watching the markets or setting up NT better, otherwise there probably would/should have been more trend riding going on.

Relatively slow night so far tonight for Oil/Gold.

BTW, loving NT7s charting, multiple intstruments/timeframes on the same chart plus can overlay say a 1m and 5m or whatever you wish(5m in box mode with 1m on top of it). Saves having 957 windows open.

ThingyMajiggy · 27 April 2010

MRC & Co said:
Sam,

DOM works for those who can use it. It doesn't for those who don't know how.

I traded oil nearly daily and mostly many times a day for over a year and consistently made money using nearly just the DOM, most probably couldn't use the same strategy.

Hey MRC,

Please forgive my farkin annoying questions again, but I was wondering, are you still trading like this? Why did you stop? (if you did).

That is all

>Apocalypto< · 29 April 2010

all hail king CL, another massive night!

this on top of last nights fiesta!

on to another topic, Ninja 7 beta great stuff. has anyone else updated IB? what's with the new auto re-centering that goes on in book trader. I have not noticed any affect on execution but I have not traded while it's counting down.

has anyone more info on this?

cheers

Crude intraday

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