I've decided to start a journal to record all my trades on CL. As this is my first journal, please feel free to chip in on anything that goes on here.
Background: I have been expose to trading for about 5 years now. Have blown up a couple of mini accounts in Stocks, Options, Futures, Forex. But all just mini accounts so its not that bad. I run a computer business and so I have some time to explore other ventures. After trying other businesses for the last couple years, I decided to put my efforts full time in trading starting March this year.
Purpose: For me to journal my trades so that I can look back and either marvel at my trading or see how dumb I can be trading. For others to follow me in my trades so that they can either use this method for themselves or criticize the method. Either way I learn. So this is my personal discovery.
Why here: I like futures.io (formerly BMT) forum and have been tremendously blessed by some of the traders here. I also like the VIP corner as it is for people who are serious about contributing to the success of this site. As this is also my first ever online trading journal, I'm not ready for it to be scrutinize by a large group of public viewers. I would have posted this on ET if I wanted fame (if there is such a thing in trading). So this is my first attempt and I will commit to doing it as I believe this will bring my trading to another level.
The concept: The concept of my trading plan is that I would trade a breakout of CL. Why? Because cl is a crazy schizophrenic manic unreasonable instrument. When it moves, it really moves. However there are certain times when it chops around unsure of where to go. To avoid this, we look at the probability of the best time for crude oil to make its move. To me this is simple, the pit sessions on the NYMEX where CL is traded is the most probable time for a big move. So I enter my trade only from 9am est onwards. As I'm writing this, crude oil has already plunged about 300 ticks from its pit session open. Now at 10.30am, it is just chopping around. Will it continue its plunge, will it reverse back up? Its anybody's guess. But it doesnt matter because everyday I am looking for just 1 big move. Look at your CL chart for the last few days, the biggest moves begins exactly around 9am +-. Even if CL has already moved 200-300 ticks in the asian and euro sessions, chances are at 9am the big moves would still continue or even better it will reverse the big move.