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Blackgrey45 Journal

  #421 (permalink)
 
blackgrey45's Avatar
 blackgrey45 
Marco Island, FL
Legendary Market Wizard
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP Global
Trading: MCL MES
Frequency: Several times daily
Duration: Minutes
Posts: 795 since Jul 2022
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Trades tonight. Market is micro oil. I am liking the micro oil market and may trade it exclusively.

8:29pm Long @75.31 | Exit @75.26 | Result -$5.00
9:16pm Long @75.21 | Exit @95.40 | Result +$19.00

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  #422 (permalink)
 Miesto 
Monte Carlo, Monaco
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Good job @blackgrey45! Going long only because of the overall strength/trend (from a daily perspective).

The first trade didn't show strength (demand or buying or whatever you wanna call it) to the upside yet. You minimized your loss which is most important.

But then trade 2. Look at the volume @20:50 (first circle on the chart attached). Is that supply or demand? Could it be that buyers are coming in, buying lower, thereby absorbing the selling? The range of the bar is not that wide as you would expect it to be with so much volume. The sellers (bears) didn't make much of a progress there. After 20:50 more supply/selling is coming in according to the red candles with high volume (second circle) but the sellers are unable to make a new low. There is a lot of effort made but no progress. Soon the sellers will need to give up and the buyers will drive price up (after accumulation). Now what you did really well, contrary to what you did before, was to put your stop below the level that was defended by the buyers, some call it support. The sellers tried once again @21:31 but the buyer(s) took this opportunity to buy more and price just couldn't go lower (printing a higher low). Good exit at the swing high for a nice profit. I can understand you are now liking the MCL . I admire your perseverance.

p.s. the high of 12/26 @76.28 was taken out @04:21.


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  #423 (permalink)
 
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 Big Mike 
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  #424 (permalink)
 
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 blackgrey45 
Marco Island, FL
Legendary Market Wizard
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP Global
Trading: MCL MES
Frequency: Several times daily
Duration: Minutes
Posts: 795 since Jul 2022
Thanks Given: 878
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Been away from the markets for about a week due to family emergency.

I should be back up and running tomorrow. I am almost certain I will be focused on micro crude mcl. I have moved away from the MES mainly because I have no interest in the stock market and find the crude oil market news and fundamental stories more interesting/easier to follow. I am thankful they created a micro contract for crude because I would not survive the drawdowns trading the big CL. I am also getting interested in the natural gas market and will look into if my broker offers the micro nat gas to trade.

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  #425 (permalink)
 
blackgrey45's Avatar
 blackgrey45 
Marco Island, FL
Legendary Market Wizard
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP Global
Trading: MCL MES
Frequency: Several times daily
Duration: Minutes
Posts: 795 since Jul 2022
Thanks Given: 878
Thanks Received: 916

One trade tonight in the MCL market

8:40pm Long @73.56 | Exit @73.54 | Result -$2

I will walk through this trade. At 8pm ET hour crude was rallying through the 73.50s and hit a short term high of 73.72 about 20 minutes later. Was going to take a short at 73.70 but got distracted. So I waited for a pullback for a long entry looking for the short term trend to continue higher and it came into the 73.50s. Got long 1 contract. Market rallied 10 ticks but looked weak so I put my stop at 73.55. Price hovered around the high 73.50s low 73.60s for 20 minutes but sold off through my stop and I was out with a 2 tick loss.

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  #426 (permalink)
 
blackgrey45's Avatar
 blackgrey45 
Marco Island, FL
Legendary Market Wizard
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP Global
Trading: MCL MES
Frequency: Several times daily
Duration: Minutes
Posts: 795 since Jul 2022
Thanks Given: 878
Thanks Received: 916

Trades today in the MCL

8:25am Short @73.91 | Exit @73.93 | Result -$2.00
9:01am Short @74.02 | Exit @74.05 | Result -$3.00
12:42pm Short @73.75 | Exit @73.76 | Result -$1.00
12:58pm Long @73.77 | Exit @73.75 | Result -$2.00
1:46pm Short @73.63 | Exit @73.67 | Result -$4.00
1:50pm Short @73.65 | Exit @73.68 | Result -$3.00
2:05pm Short @73.62 | Exit @73.89 | Result -$27.00

Daily Result with fees and including one trade last night: -$54.72

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  #427 (permalink)
 
blackgrey45's Avatar
 blackgrey45 
Marco Island, FL
Legendary Market Wizard
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP Global
Trading: MCL MES
Frequency: Several times daily
Duration: Minutes
Posts: 795 since Jul 2022
Thanks Given: 878
Thanks Received: 916

2 trades with the MCL

6:32am Short @74.49 | Exit @74.54 | Result -$5.00
9:45am Short @75.11 | Exit @76.18 | Result -$107.00

Daily Result with fees -$114.68

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  #428 (permalink)
 
blackgrey45's Avatar
 blackgrey45 
Marco Island, FL
Legendary Market Wizard
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP Global
Trading: MCL MES
Frequency: Several times daily
Duration: Minutes
Posts: 795 since Jul 2022
Thanks Given: 878
Thanks Received: 916

Two trades today: market is MCL

12:38pm Short @76.67 | Exit @76.73 | Result -$6.00
1:56pm Short @76.66 | Exit @76.68 | Result -$3.00

These were gamble trades at the later part of the day thinking crude could break to the downside but got out with a tight stop.

I had a bad trade yesterday losing 107 ticks. I am short biased right now and thought I could make money to the downside yesterday but held on as the market rallied higher. I still make mistakes and hold onto losses too long sometimes.

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  #429 (permalink)
 Miesto 
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blackgrey45 View Post
.... I am short biased right now .....

What makes you being short biased, if I may ask?

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  #430 (permalink)
 
blackgrey45's Avatar
 blackgrey45 
Marco Island, FL
Legendary Market Wizard
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP Global
Trading: MCL MES
Frequency: Several times daily
Duration: Minutes
Posts: 795 since Jul 2022
Thanks Given: 878
Thanks Received: 916



Miesto View Post
What makes you being short biased, if I may ask?

I just look at news headlines and build a story about crude in my head. Short term I think demand will be weaker than expected and will offset tight supply. So I would sell rallies.

I'm bullish on crude into the summer though because of possible rate cuts.

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