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Honestly, the recent price action probably throw many CL traders off the course. I mean, it still has great moves, but I am seeing a lot $1 in 5 minutes chart. I am start thinking, maybe a 80 cents target 3 is short changing myself now.
Ohh.. here is my trend trading strategy on 5 minutes.
5 minutes chart setup: 20ema, don't look at volume on RTH.
Below is today's CL (7/13/11) PA, and how I read it before there big move up.
1) Wait for strong price action
2) Wait for confirmation
3) Wait for pullback (PA must be weaker than 1 and 2)
4) Enter on breakout of pullback bar, or previous 2 bars
This is a takeoff on what AR01 and TMFT were talking about in FatTails thread All those smart guys inspired me to do something a bit simpler than what I'm currently doing with the LLMA. I'm not giving up the LLMA by any means but exploring another …
Hello all,
I have not been posting for various reasons lately (massive go-live for my project). I have been reading and appreciate everyone's generosity.
Background:
My full time job keeps me from day trading as much as I would like. I'm learning …
Hello,
This is my first post of my journal. My husband has encouraged me to do this. (Read into "encouraged" what you will.) Public self-examinations are very difficult for me.
I have been attempting to learn Forex trading for a little more …
FIRST & FOREMOST I DONT WANT PEOPLE ASKING ME HOW I OBTAIN THESE #'S, CAUSE I WONT BE ABLE TO SHARE MY SOURCE... SO USE THEM WITHOUT ASKING MY TECHNIQUE... THANKS
Yea. I personally find reading just price is a lot easier. I've paid many years in tuition and have tried many many holy grail methods, and they don't work. I don't understand them. But reading price is simply enough. I just have to worry about price and nothing else. Of course, I do use trendline HH/LL, HL/LH.
Just doing demo, no real money yet. Just waiting for my kids to head to school in fall. Still working on the psychology of trading.
I pay for an automatic program from someone and it does decently well, but one thing I noticed is that it trades off a 89 tick chart. Maybe instead of minute charts you could use tick charts with larger or smaller time frames? Seems to clean the chart up pretty nicely.
This is not what I currently trade, my "setups" have gotten a lot more involved. But for something extremely simple that I used to use to make good scalp trades, play with this setup;
XMA Price Envelope #1 (Red/Green) set to 11 period and 0.04 offset
XMA Price Envelope #2 (White dotted) set to 15 or 17 period and 0.08 offset
The ENTIRE BAR needs to break out above / below the channels to qualify. Wait for a pullback into the "zone" (below the red and above white for longs, above green and below white for shorts)
Obviosuly, reading volume, understanding support/resistance, using trend filters, and above all, understanding your market, can help considerably. No indicator alone can save you. Trade in simulation until you can log net wins consistently.
I am no longer a big fan of backtesting, but I used to spend literally thousands of hours at it. I have this old spreadsheet showing where I added trend filters of a 17 and 50 EMA, but ultimately I decided those did not matter that much. And, back then I only required the "breakout" to be beyond the Breakout Channel, but later tightened my criteria to limit trades to only breakouts beyond both. The entry point below was the "entry channel", but it really does not matter to the tick if you have other contributing factors.
- Expect to be wrong often. These type of systems rely on staying consistent.
- Do not average in. Do not double up to recoup losses. You will eventually lose.
- Do not move you initial stop. Instead, focus on learning where to put it. Stops keep you in the game.
See if you can add some rules to make this better.
Anyway, something to play around with. Let me know if this helps you. If adding supertrend does anything let me know as well. Stay safe!